1. Calculate how elasticity of demand affects the management decision making procedure in respect of setting prices for their products?
2. Evaluate how the Phillips curve explains the tradeoff between inflation and economic activity such as real GDP and unemployment.
3. Discuss with the aid of a diagram/s, the monopoly market structure and how prices are formed under this market structure in the long run and in the short run.
4. Calculate whether Governments should allow monopolies to thrive. Substantiate your discussion on the costs (efficiency and welfare of Monopolies.
5. Show how elasticity of demand affects the management decision-making procedure in respect of setting prices for their products.
6. Discuss 3 types of barriers to international trade and critically evaluate whether the creation of a common market with no tariffs and barriers is beneficial. Use relevant examples, economic models and literature to substantiate your arguments.
7. Discuss, with the aid of graphs/illustrations, the role of tariff (increases, decreases and abolishing them altogether) as a measure used by government.