Ecs2601 Study guides, Class notes & Summaries

ECS2601 ASS 2 SEMESTER 2 2020 ECS2601 ASS 2 SEMESTER 2 2020 ECS2601 ASSIGNMENT 2 SECOND SEMESTER 2020 2 ECS2601 ASS 2 Second semester 2020 1. If current output is less than the profit-maximizing output, then the next unit produced will… [1] Decrease profit. [2] Increase cost more than it increases revenue. [3] Increase revenue more than it increases cost. [4] Increase revenue without increasing cost. [5] Leave profit unchanged. Explanation-(3)This means that MR>MC therefore the ...

1. In the short run, a perfectly competitive firm earning positive profit is … In the short run, a perfectly competitive firm earning positive profit is above its average total cost (ATC). This is because profit is calculated as the difference between total revenue and total cost. If the firm's total revenue exceeds its total cost, it is earning a profit. Since average total cost represents the cost per unit of output, if the firm is earning a profit, it means that the price it receives...

Summary ECS2601 - Microeconomics Solution for Assignment 02 (2021) and LATEST Exam Pack

Summary ECS2601 - Microeconomics Solution for Assignment 02 (2021) and LATEST Exam Pack

ECS2603 Latest exam pack questions and answers and summarized notes for exam preparation. Updated for October November 2023 exams . For assistance Whats-App.0.6.7..1.7.1..1.7.3.9 . All the best on your exams!!

For Intermediate Microeconomics courses. Microeconomics and its role in decision making and public policy Microeconomics exposes students to topics that play a central role in microeconomics. From game theory and competitive strategy, to the roles of uncertainty and information, and the analysis of pricing by firms with market power, the text helps students understand what's going on in the world of business. It also shows students how microeconomics can be used as a practical tool for decision-...

THIS DOCUMENT CONTAINS ECS2604 ASSESSMENT 4 SEM 2 OF 2023 EXPECTED QUESTIONS AND ANSWERS. USE IT AS A GUIDE PLEASE DO NOT PLAGIARISE

The word economy comes from a Greek word for “one who manages a household. Definition of Economics: the study of how society manages its scares resources. How do we go from managing a household to managing an economy? - A household and an economy face many decisions: o Who will work? o What goods and many of them should be produced? o What resources should be used in production? o At what price should the goods be sold? Society and scare resources: The management of society’s resour...

Distinguish between an exogenous and endogenous variable and list the exogenous variables in the IS-LM model. Most important endogenous (dependent) variables in the In the IS-LM model: (Y) Level of production & income (i) the interest rate. Thus any variable influenced by (Y) and/or (i) is an inherent endogenous variable . The consumption spending variable (C), however, can contain both an exogenous (autonomous) and an endogenous component as it has an exogenous (autonomous) component (c...