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Using the consumption and saving pattern of households in Table 1, compute their average and marginal propensities (24 marks) Table 1 Consumption and Saving Schedules (in millions of cedis) Income C S APC APS MPC MPS 270 280 -10 300 300 0 330 320 10 360 340 20 390 360 30 420 380 40 450 400 50 480 420 60 510 440 70 540 460 80 570 480 90 600 500 100 Note: ‘C’ and ‘S’ stand for consumption saving respectively (b) From the values calculated, what relationship can you observe between APC and APS? (1 mark) Question 2 (a) Explain the components of gross domestic product (GDP) (10 marks) (b) With illustration, explain the concept of Production Possibility Frontier (15 marks) Question 3 (a) Name three things that firms need to know in order to maximise profit and minimise cost (10 marks) (b) State and explain five important distinctions between financial analysis and economic
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