(a) State the Law of diminishing returns as applied to production functions. (4 marks) (b) Illustrate and explain the three stages associated with the law of […]

This your first official “Competition Simulation Decision 1” round. I am sure that you had a good week of practice and you are ready and eager […]

Argue for and against international trade restrictions.

Distinguish between a tariff and a quota as applied in International Trade.

You have been hired as a consultant by a firm producing bread to advise on a pricing strategy that would enable the firm to maximize profits. […]

Use the database of the Virtual Library to research and explore the definition of each of the concepts listed in the vocabulary section of the workshop. […]

Briefly explain the hindrances encountered in estimating national income values of a developing country.

Given a hypothetical consumption function of the form: C = a + bYd Where Yd = Y – T And Y = Income T = Taxes […]

(i) Based on the circular flow of income analysis, explain why marginal propensity to consumer plus marginal propensity to save equals one. (5 marks) What is […]