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For the special case when firms are price takers, what is the relation between total revenue, average revenue, marginal revenue and price?
First-in First-out Method (FIFO) A technique of inventory valuation based on the concept that merchandise is sold in the order of its acknowledgment. In other words, if an elec
characterestic of economics
What are the limits of development theories? Theories are generalisations: • When LDCs share similarities, each country is unique economic, cultural, social and historical
definition of money markets
What are the limitations of balanced growth? The limitations of balanced growth: • The strategy of balanced growth is away from the resources of most poor countries; • Go
How has the definition of diversity changed over time? Can a diverse workforce help a company compete more effectively? How?
What is import substitution? Import substitution: It is a government industrialisation policy for development by replacing imports along with domestic production. St
QUESTION (a) Explain the relationship between scarcity, choice and opportunity cost. (b) What is market failure and why does it occur in an economy? (c) Differentiate, us
Illustrate liberalise or open up trade in market for promoting development? Liberalise or open up trade implies that: • Abandoning fixed exchange rates and elimination of re
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