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QUESTION a) Differentiate between returns to factor and returns to scale. b) In the long-run the Average Cost Curve is u-shaped. Discuss c) Whenever a firm is making loss
explain the role scarcity of resources plays in economic decision making
1. Imagine that two countries, Richland and Poorland can produce just two goods, computers and coal. Assume that for a given amount of land and capital, the output of these two pro
Question: (a) State whether the following statements are TRUE or FALSE. Justify briefly your answer. (i) Money is the most liquid medium to store value. (ii) An increa
Is migration a problem? Huge scale rural-to-urban migration places a strain onto city economic systems. As like some examples of: • There is inadequate demand for labour to
You are evaluating two (mutually exclusive) methods of strip-mining a resource-rich area. The alternatives are very similar, though one important difference is in the scale of the
Is the impact of globalisation a problem? Globalisation consider as to the increasing integration of national economies into terms of financial flows, trade, concepts, informa
The following represents the potential outcomes of your first salary negotiation after graduation: Assuming this is a sequential move game with the employer moving first, indicate
analyse the effect of an increase in the price of sim cards on the equilibrium price and equilibrium quantity of cellphones handsets
How less developed countries cannot economies grow by developing services as tourism? Less developed countries cannot economies grow by developing services as tourism if: Ga
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