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Question 1: (a) Discuss the adjustment to an increase in demand for a perfectly competitive market in the: (i) Short run (ii) Long run (b) How would the same industry
Name the two actors in the basic neoclassical (or traditional microeconomic) model of economics, and identify the assumptions the model makes of these two actors. Firms and hou
what monopoly market .
meaning of average revenue
A farmer produces maize according to the following production function Q m = AK 1/3 L 2/3 Where Q m is output of maize, A = land, K = capital and L = labour Given that
All about matter
Illustrate the roles of mathematics in modern economics? Roles of Mathematics in Modern Economics: Mathematics has become a significant tool into modern economics. Mostly
what are the limitations of economies of scale?
Policies of Educational Financing - Earmarking Earmarking refers to setting aside and using the funds generated by a special cess/tax for the particular purpose for which it i
Gross Domestic Product, Deflator: A price index that adjusts the overall value of GDP according to average increase in the prices of all output. GDP deflator equals the ratio of no
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