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Analyse the strengths and weaknesses of GDP as a measurement. Answer Strengths of GDP as a measurement 1) It helps in making international comparison among different
what is the nature of microeconomics?
The process of production needs several inputs. These inputs are known as the factors of production. In most cases, firms own some of the factors of production while some have to b
With the aid of a diagram explain the long run average cost curve and the influences upon it.
Point elasticity: It refers to measurement of elasticity on a point On a demand curve. Point elasticity helps in measuring elasticity where change in price and quantity is infinite
Sources of external economies of scale: Economies of Skilled Labour: This involves upgrading the skills of labour through the provision of education and training faci
a) Describe and derive the equilibrium contract offered to high risk individuals. b) Describe and derive the equilibrium contract offe
Change in consumer and producer surplus from price controls * Observations: - The loss is equal to area B + C. - The change in surplus = (A - B) + (-A - C) = -B - C -
Q. Distribution of income? Distribution:Distribution of income reflects the process by which real output of services and goods produced by the economy is allocated to different
TRADE policy: The well known economist D. H. Robertson has immortalized the role of trade in development with his famous statement that "trade is an engine of growth". The pol
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