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Problem 1:
All economies of the world can be said to be ‘mixed', to a greater or lesser degree, in that there is no economy where there is no state activity and no economy where the market has no role at all.
In light of the above statement, why do most countries choose to operate a mixed economy rather than a command or a market economy?
Problem 2:
a) Distinguish among price elasticity, income elasticity and cross elasticity of demand.
b) Discuss how knowledge of price elasticity, income elasticity, and cross elasticity might be of practical use to the owner of a supermarket.
in the context of oligopoly theory explain the channels via which either a cost reduction or a quantity increase influence a supplier''s profitability
a) What do you understand by equilibrium National Income and to what extent is economic growth beneficial to an economy? b) Explain using both diagrams and mathematical tools,
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
Pragmatic Managerial economics Managerial economics is pragmatic. In pure micro-economic theory, analysis is performed, based on certain exceptions, which are far from reality
Question: i) If X and Y are different processes producing the same commodity and the joint total cost (TC) is given by: TC = X 2 + 2Y 2 - 3XY Using Lagrange Multiplier,
An optimum Population Countries are often described as under populated or overpopulated. From the economist's viewpoint these terms do not refer to the population density (i.
Relationship between AC, AVC, AFC and MC is elucidated graphically by drawing respective cost curves in Figure below. Behaviour of cost curves is elucidated below. Figure:
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
Long run Equilibrium of a Firm under Monopoly In the long run, firm has the time to adjust his plant size or to employ existing plant so as to maximise profit. Long run equili
real GDP is increasingly criticized for its alleged failure to adequately measure the standard of living. To what extent do you think this criticism is valid?
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