Illustrate out the concept of opportunity cost, by using the production possibility curve.
What are the elemental problems of economy? describe and discuss how the command economy distinct from the free market economy in dealing with resource allocation problems.
prepare down the strengths and weaknesses of mixed economy.
Make a distinction between short-run and long-run costs.
Compare and contrast the short-run and long-run output decisions of perfectly competitive firm and the monopoly.
Discuss and illustrate long run efficiency under both kinds of market structures?
With the aid of diagrams, illustrate how the price and quantity of potatoes will change under the different circumstances:
(i) A severe drought affecting its production
(ii) Consumers expect a prospect rise in prices of potatoes; and
(iii) A new production method is adopted to raise efficiency.