problem 1:

describe and discuss the relationship between choice, scarcity and opportunity cost.

problem2:

“In the capitalistic system, Consumer Sovereignty is the key”. Describe and discuss this statement.

problem 3:

Using suitable instances illustrate the terms public and merit goods.

problem 4:

Discuss the likely consequences of a recession on a government’s budget?

problem 5:

describe and discuss the Law of demand and the factors influencing demand for a product or service.

problem 6:

describe and illustrate diagrammatically how the market demand for a product will react if there is a tax imposed on the good.

problem 7:

What you understand by Price Elasticity of Demand? Illustrate and describe with exs, price inelasticity and elasticity and how it helps in decision making at firm’s level.

problem 8:

Make a distinction between a firm’s fixed cost and variable cost and give instances.