Discuss the three approaches used in measuring the national income of a country and show why they give the same estimate.

Assume the following information represents the National Income Model of an „Utopian‟ economy. Y = C + I + G C = a + b(Y – […]

Joseph and Anne can use one strategy some of the time and the other strategy the rest of the time. Consider the following case of player […]

(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 […]

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 […]

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

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

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, […]

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 […]