The table below represents a production function for a commodity X where capital is fixed and labour is variable. Quantity of Labour Total Physical product (Tons of X) 0 0 1 15 2 34 3 48 4 60 5 62 Using the data in the table, plot the marginal product […]

(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 variable proportions. (11 marks)

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 to start competing. In addition to your core decisions based on (Fares, Marketing, Fleet, Scheduling, Human Resources, and Financing) you will be challenged by […]

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. This firm is a monopolist which sells in two distinct markets, one of which is completely sealed off from the other. As part of […]

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. Create a T Chart with the concepts and definitions; then, bring it to class for a collaborative activity. Submit your Chart by the end of […]

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 and that: Government spending and investment are exogenously determined at G and I respectively: Determine Government Spending Multiplier.