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1) Evaluate potential strategies that could be adopted by an economy that is heavily dependent on primary products to aid development (25 marks)

Primary product dependency can be defined as the sole reliance on the exporting of commodities. Angola, for example, is largely dependent on the extraction and exporting of crude oil, with the oil sector acc...
BK
Answered by Bryanna K. • Economics tutor
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Qd=420-30P. From this equation identify the slope of the demand function and calculate the price at 60 units.

In the general demand function Qd=a-bP, b is the slope. Therefore 30 is the slope of this demand function.When Qd=60 price is calculated by:60= 40-30P30P=420-6030P=360P=12
JB
Answered by Joanna B. • Economics tutor
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Evaluate the effectiveness of Fiscal Policy in promoting economic activity during a recession.

Fiscal policy is the manipulation of government spending and taxation levels by the governing body of a nation to influence aggregate demand. Expansionary fiscal policy refers to the increase in government s...
CP
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Why does the MC Curve cut the AVC curve at the AVC Curve’s lowest point?

When marginal costs start to rise, starting at point C, due to diminishing returns, the average variable cost is still decreasing, at point X. The average variable cost will continue to decrease as long as t...
CM
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Why are Monopolies able to profit maximise?

Essentially there are several features of a market structure which determines why monopolies are able to profit maximise. Very small number of sellers in the given market, In a pure monopoly there is only on...
Answered by • Economics tutor
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