August 25, 2021

Game theory

(a) In the context of game theory, explain the following statement: “winning isn’t everything; it is the only thing” (5 marks) (b) The optimal solution of […]
August 25, 2021

Internal control system

a) Give a definition of an “internal control system”. (4 marks) b) Describe the internal control procedures you would recommend to the owner of a medium […]
August 25, 2021

Reduced costs column and the range of optimality

Explain the connection between the following: (i) Reduced costs column and the range of optimality. (ii) Dual prices and the range of feasibility.
August 24, 2021

The total cost equation in the production

The total cost equation in the production of bacon at some hypothetical factory is C = 1000 + 100Q – 15Q2 + Q3 Where C = […]
August 24, 2021

Control procedures

Control procedures consist of practices and procedures in addition to the control environment, established to achieve certain specific objectives. For each of the procedures listed below, […]
August 24, 2021

Properties (assumptions) of linear programming

One of the properties (assumptions) of linear programming is that fractional values of the decision variables are permitted, that is, divisibility. However, fractional values might sometimes […]
August 24, 2021

Quasi-rent

i) Briefly explain and illustrate quasi-rent. (5 marks) ii) Discuss some of the economic implications of a rising trend in the rural-urban migration and offer policy […]
August 24, 2021

Transfer earnings and economic rent of a factor of production

a) Explain what is meant by the terms transfer earnings and economic rent of a factor of production. (5 marks) b) Using well labelled diagrams, illustrate […]
August 24, 2021

Seasonal indexes

Business at M and K Sunshine Boutique can be viewed as falling into three distinct seasons: (1) Christmas (November – December) (2) Rainy season (April – […]
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