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ECO401 VU Current Midterm Fall 2012 Paper 9 December 2012

22 quizzes all are from past papers

  1. Explain the relationship between income and elasticity demand of inferior goods. Explain with the draw of graph. 5 marks
  2. The quantity, price and TC were given TR was required to find out. 5marks
  3. What will be happen to the average physical product if
  • Marginal Physical Product is equal to Average Physical Product,
  • Marginal Physical Product is greater than Average Physical Product,
  • Marginal Physical Product is less than Average Physical Product 3 marks

4. Define the key ingredients of any market structure 3marks

5. Assume that demand for a product is inelastic, will consumer expenditure go on increasing as price rises? 3marks

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