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Distinguish between interventionist and market-led strategies of development. Explanation of interventionist strategy; heavy government involvement in the planning of output, p
The price of petrol fell during the past year. a. Explain why the law of demand applies to petrol just as it does to all other goods and services. b. Explain how the substitu
Problem: (a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society. (b) Distinguish bet
types of market competitions
What is the difference between a change in demand and a change the quantity demanded? There is a distinction among demand and quantity demanded. Demand explains the behavior o
Problem: (a) Given TR = P×Q, Show that Note: TR is total revenue, P refers to price, Q refers to quantity demanded, MR denotes marginal revenue, and ε d shows the p
what is the significance of the Loucas critique in political economy?
What is pigovian welfare economics
law
Explain about the deadweight loss and elasticities. Deadweight Loss and Elasticities: The common rule for economic policy is the other things equal; you need to select the p
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