Question
An economy is in equilibrium. Calculate Marginal Propensity to Consume: National income = 1000 Autonomous consumption expenditure = 200 Investment expenditure = 100.
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Question
Explain how controlling money supply is helpful in reducing excess demand.
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Question
What is aggregate demand? State its components.
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Explain the implications of the following in an oligopoly market: (a) Barriers to entry of new firms (b) A few or a few big sellers
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Explain the implications of the following in a perfectly competitive market: (a) Large number of sellers (b) Homogeneous products.
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Question
Why do central problems of an economy arise? Explain the central problem of “for whom to produce”?
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Question
Define marginal product. State the behaviour of marginal product when only one input is increased and other inputs are hold constant.
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Define fixed cost. Give an example. Explain with reason the behaviour of Average Fixed Cost as output is increased.
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Define marginal product. State the behaviour of marginal product when only one input is increased and other inputs are hold constant.
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