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Question 1:
a) Describe the different types of unemployment that exist.
b) Critically examine how monetary policy will be used to deal with inflation.
c) Critically determine how fiscal policy can be used to deal with unemployment.
d) What are the causes of inflation?
Question 2:
(a) Differentiate between income, price and cross elasticity of demand.
(b) Would you agree that, in order to maximize total revenue, the manager of a supermarket must understand and apply the concept of price elasticity of demand? Explain your reasoning, with the help of appropriate examples and diagrams.
(c) Discuss how a supermarket can sell many products at very low prices, despite their higher fixed costs.
Severe drought hit the coffee industry hard this year; as a result, more people are now switching to tea. The first table below shows the original supply and demand quantities in t
Elasticity help
where does stage 1 end?
1. Assume that Malaysia can produce cencaluk at 25 bottles per worker and belacan at RM5 per worker. Assume that Indonesia can produce 10 bottles of cencaluk per worker and 20 pack
During its current tax year (year one) a pharmaceutical company purchased a mixing tank that had a fair market price of $120,000. It replaced the an older, smaller mixing tank that
objestive of williamson modle
what is the theory of second best? prove the theorem with the help of a diagram.
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
Explain about the integrability problem. The Integrability Problem: Provide a system of demand functions x(p, m). Is there essentially a utility function by which such deman
Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this informat
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