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Benefits are:
1) People can create their own decisions 2) The government has limited control, which is good for arrangement 3) Gives freedoms like Enterprise, ownership, Social Welfare, Political Freedom, Profit Earnings 4) All national resources are consumed under mixed economy. 5) It will turn on the government support and direction.
Equilibrium National Income in a Frugal Economy Saving and investment are examples of two categories of expenditure called withdrawals and injections. A WITHDRAWAL is any inc
What is the goal of a firm?
construct a decision tree for the baked potatoes outlet using sales per day, number of days that quantity is sold together with selling prices per unit and average costs
PRICE ELASTICITY OF SUPPLY AND THE SLOPE OF THE SLOPE CURVE For a straight line supply curve, the gradient is constant along the whole length of the curve, but elasticity
Relevance of The Law of Diminishing Returns The law of diminishing returns is important in that it is seen to operate in practical situations where its conditions are fulfille
Explain important terms of marginal productivity and wage inequality Marginal Productivity and Wage Inequality: a. Market power • Compensating Differentials • Dang
Danger of over-specialising A country may feel that in its long-term interests it should not be too specialized. A country may not wish to abandon production of certain
Prices of other related goods i) Substitutes: If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls. This will lead to inc
Location problem in the plane: In Kent, the council to respond to the people and government needs, it decided to establish 3 community care homes. The towns are recorded with t
effects and implication of taxation in relation to managerial economics
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