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Illustrate the properties of the AFC curve?
Illustrate the elements which are required for a successful cost reduction strategy.
Illustrate the measure of economies of scope and describe its importance.
Differentiate between private and social costs by stating an illustration.
Explain why is the TC curve concavo-convex?
Describe the concept of diminishing marginal rate of technical substitution and the convexity of iso-quants.
By employing the total product curve, describe the economic importance of APL and MPL.
Describe the idea of a homogeneous production function and describe how the concept of returns to scale can be described with that idea.
Define the term Production function. Also state its significance?
Illustrate that an isoelastic demand curve is never linear.
Assume that the demand curve be given as q = Ap-αmρ, where A, α, β are constants. Determine the price elasticity and income elasticity.
Let consider two parallel demand curves. Comment on the price elasticity of demand of demand curves at similar price.
Let consider a competitive market for wheat. Determine the impact of a price support program (price floor) on the quantity demanded and supplied.
Compare and contrast the tax burden of the buyer and seller if:
Describe in details, the different uses of consumer’s surplus.
Analyze the stability concept of the equilibrium by considering ‘price’ as adjusting variable.
Describe the marginal productivity theory of the income distribution and current two criticisms of it.
Describe as why the price elasticity of demand differs all along with the straight line demand curve.
Describe the concept of the derived demand since it applies to the resource demand.
The slope of demand curve and the price elasticity of demand are the same concepts. True or false? Validate your answer.
Write down the differences between the nominal and real wages.
If the excise tax on cars is expected to drop then what will happen to the present market demand for cars?
Describe the idea of price elasticity of demand. Explain why does the formula encompass a negative sign?
Explain three sources of the economic profits. Explain the general functions of the profits.
Describe the crucial supposition which helps us to derive the market demand curve?