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(i) How do we measure economic growth and why do we need economic growth?
(ii) What can governments do to stimulate economic growth and create jobs? (provide some current examples)
(iii) Should government/s support the renewable energy industry and how?
(iv) What is inflation and what impact does it have on the economy?
explain and illustrate the changing demand for big mac using indefference curve and budget line
The US government decides to subsidize solar panels. For each unit sold, the government pays $T to the buyer. Using a graph, show how this subsidy affects i) consumer surplus, ii)
Given the following demand and total cost functions for a firm P = 4500 - 0.5Q 2 TC = 1.5Q 3 - 50Q 2 + 1000 i) the marginal profit function
describe returns to scale and give examples of each.
When is tax to society cause a deadweight loss? Applying Consumer and Producer Surplus: The Efficiency Costs of a Tax A tax causes a deadweight loss to society, since les
given that a=(4;2) and b=(5;11)determine the value of x in the following equation b=3x-1/2a
composite supply v/s joint supply
What is average revenue and average revenue curve Average Revenue: The average revenue is the total revenue separated by the level of output. It is therefore the price.
Perceived Value Pricing This refers to a pricing strategy that dictates that the price of a given item will be set based on the customer's perception of the value of that item
Which of the following is a free good? Fresh water, forests in the northwestern United States, the advice of economists, or none of the above?
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