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list and explain the two turning points of business cycle
With the aid of a diagram, illustrate and explain the firm’s long-run equilibrium position.
The following table provides data on cost of production of product X produced in Bibila farm.
Production of X (Kg)
Total Cost (Rs)
100
1
128
2
148
3
164
4
178
5
190
6
207
7
229
8
259
9
299
10
353
i. Find fixed cost.
Distinguish between positive and normative economics
What is the difference b/n oligopoly and monopolistically competitive market structure
Ali’s budget line relating good X and good Y has intercept of 50 unit of good X and 20 units of good Y. if the price of good X is 12, what is Ali’s income? What is the price of good Y? What is then slope of budget line?
Country A Country B
No. of pencils 100 50
produced
pounds of paper
produced 150 150
Country A and Country B can both produce paper and pencils, according to the table above and using the same amount of time and resources. Which country has the absolute advantage in producing each good?
Country A has absolute advantage in pencils, but neither country has absolute advantage in paper
Country A has absolute advantage in both
Country B has absolute advantage in both
Country B has absolute advantage in paper, but Country A has absolute advantage in pencils
Neither country has absolute advantage in either good
of supply mentioned in the extract.
1.2 Explain whether the volatility in the demand for potatoes constitutes a
change in demand or a change in the quantity demanded. Thereafter,
use a graph to explain the difference between a change in demand and
a change in quantity demanded.
A rise in the price of a product lowers the total revenue from the product if the
good is an inferior product.
demand for the product is inelastic.
demand for the product is elastic.
income elasticity of demand exceeds 1.
(a) Define oligopoly & its features. Discuss the nature of kinked Demand Curve.
(b) Show game theory under oligopolistic market.
