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QUESTION 1
(a) Explain the relationship between scarcity, choice and opportunity cost.
(b) How is choice about the use of scarce resources made in a market economy?
QUESTION 2
(a) Briefly explain, what is meant by
(i) Price Elasticity of Demand
(ii) Income Elasticity of Demand
(iii) Cross Elasticity of Demand
(b) "Consumers and producers pay equal amount of a per-unit tax." Discuss.
abstract & conclusion
meaning of deductive and inductive method.
What do you mean by standard of living? Standard of living (SoL): It is incomer per capita (head) and it is determined by national income (GDP) divided through total pop
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This assignment focuses on the analysis of data within the research design process. Essentially there are two parts to it: The first part will be an analysis of numerical da
How do economists differ from accountants in the use of the term profit ? Definition of rev and accounting costs Explanation/outline of opportunity costs, for example
case study on diamond price and petrol price for exxception to the law of demand
Sampling and tests of significance are very important tools in business economics. In fact one cannot do any meaningful marketing research without the requisite knowledge of sampli
Problem 1: (a) Distinguish between the two broad aspects of globalization. (b) Critically analyse the drivers of globalisation. (c) Discuss, with examples, on the advanta
Graph the Demand and Supply Curve Given below are the demand schedule and supply schedule for china plates. Graph the demand and supply curve on one graph and determine equili
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