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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,
Determine the Managerial economics techniques Though the most frequent applications of these techniques are as below: Risk analysis: Numerous models are used to quantif
CLASSIFICATION OF TAXES Taxes can be classified on the basis of: a. Impact of the taxes It means on whom the tax is imposed. On the other hand, incidence of the
Leading Economic Indicators The 11 key economic indicators that have been establish to lead business cycle turning points. Of the 11, four are basically used in business;
A company uses 2 inputs, K and L in its production function. The production function is given as where Q, K and L are in units per week. Price of input K per unit is RM100, and inp
Monetary Theory We have seen that Schumpeter theory which runs in terms of innovations and technical change, is at best an incomplete explanation of trade cycle . there are eco
Q. Describe Managerial and behavioural theories? It was only in 1960s that neo-classical theory of firm was disputed by alternatives like behavioural and managerial theories. M
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
Aside from the price of a product and its substitutes, another significant element of demand for a product is consumer's income. As noticed previously, relationship between demand
Prices of other related goods i) Substitutes: If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls. This will lead to inc
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