Economics A Level P-3 Topical Solved

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Book Code : 153
Number of Pages : 608
Author : Imran Latif
Language : English
Publishers : Read and Write Publications

 

Categories: ,

Description

TABLE OF CONTENTS
UNIT 1 THEORY OF CONSUMER BEHAVIOR ——————————————————– 23
1.1 Law of diminishing marginal utility ——————————————————————- 23
Answer Section —————————————————————————————- 27
1.2 Law of equi-marginal utility —————————————————————————– 30
Answer Section —————————————————————————————- 35
1.3 Budget line ————————————————————————————————— 39
Answer Section —————————————————————————————- 48
1.4 Indifference curve analysis —————————————————————————– 55
Answer Section —————————————————————————————- 57
UNIT 2 PRODUCTION & COST —————————————————————————————- 59
2.1 Law of diminishing returns —————————————————————————– 59
Answer Section —————————————————————————————- 64
2.2 Long Run production function (Least cost inputs mix) ——————————————— 68
Answer Section —————————————————————————————- 72
2.3 Accounting cost and economic cost ——————————————————————- 75
Answer Section —————————————————————————————- 78
2.4 Short-run costs ————————————————————————————————— 79
Answer Section —————————————————————————————- 93
2.5 Returns to scale —————————————————————————————- 107
Answer Section —————————————————————————————- 110
2.6 Economies and dis economies of scale ——————————————————————- 113
Answer Section —————————————————————————————- 115
2.7 Minimum efficient scale —————————————————————————————- 117
Answer Section —————————————————————————————- 121
2.8 Isoquant and isocost —————————————————————————————- 123
Answer Section —————————————————————————————- 125
2.9 Small firms ————————————————————————————————— 126
Answer Section —————————————————————————————- 128
2.10 Multiple topics of chapter 2 —————————————————————————– 130
Answer Section —————————————————————————————- 131
UNIT 3 RULES OF FIRM’S BEHAVIOR ——————————————————————- 132
3.1 Profit maximization (MR=MC) rule ——————————————————————- 132
Answer Section —————————————————————————————- 135
3.2 Shut down Rule —————————————————————————————- 137
Answer Section —————————————————————————————- 140
3.3 Multiple topics of chapter 3 —————————————————————————- 142
Answer Section —————————————————————————————- 142
UNIT 4 PERFECT COMPETITION —————————————————————————– 143
4.1 Perfect Competition —- Short-run price and output determination ———————————- 143
Answer Section —————————————————————————————- 145
4.2 Perfect Competition —- Short-run supply curve of a firm ——————————————— 147
Answer Section —————————————————————————————- 148
4.3 Multiple topics of chapter 4———————————————————————————– 149
Answer Section —————————————————————————————- 153
UNIT 5 MONOPOLY ————————————————————————————————— 155
5.1 Monopoly —- Revenue curves —————————————————————————– 155
Answer Section —————————————————————————————- 159
5.2 Monopoly —- Short-run price and output determination ——————————————— 161
Answer Section —————————————————————————————- 164
5.3 Monopoly —- Multiple topics of chapter 5—————————————————————- 167
Answer Section —————————————————————————————- 169
UNIT 6 MONOPOLISTIC COMPETITION ——————————————————————- 170
6.1 Monopolistic Competition —————————————————————————– 170
Answer Section —————————————————————————————- 172
UNIT 7 OLIGOPOLY ————————————————————————————————— 174
7.1 Oligopoly —- Kinked Demand Curve ——————————————————————- 174
Answer Section —————————————————————————————- 176
7.2 Oligopoly —- Price leadership and cartel ——————————————————————- 178
Answer Section —————————————————————————————- 179
7.3 Oligopoly —- Determinants of price collusion ——————————————————– 181
Answer Section —————————————————————————————- 183
7.4 Oligopoly —- Growth of firms (Mergers and integration) ——————————————— 184
Answer Section —————————————————————————————- 186
7.5 Oligopoly —- Multiple topics of chapter 7 ——————————————————————- 187
Answer Section —————————————————————————————- 190
UNIT 8 COMPARISON OF MARKET STRUCTURES ——————————————————– 193
8.1 Comparison of market structures ——————————————————————- 193
Answer Section —————————————————————————————- 197
8.2 Concentration ratio —————————————————————————————- 200
Answer Section —————————————————————————————- 202
UNIT 9 FIRM’S OBJECTIVES, PRICE DISCRIMINATION AND CONTESTABLE MARKETS — 203
9.1 Objectives of firms —————————————————————————————- 203
Answer Section —————————————————————————————- 216
9.2 Price discrimination —————————————————————————————- 223
Answer Section —————————————————————————————- 225
9.3 Contestable markets —————————————————————————————- 226
Answer Section —————————————————————————————- 230
UNIT 10 ECONOMIC EFFICIENCY & MARKET FAILURE ——————————————— 232
10.1 Economic efficiency —————————————————————————————- 232
Answer Section —————————————————————————————- 237
10.2 PPC & economic efficiency —————————————————————————– 239
Answer Section —————————————————————————————- 241
10.3 Socially optimum output & types of market failure ——————————————— 242
Answer Section —————————————————————————————- 247
10.4 Imperfect market & market Failure ——————————————————————- 249
Answer Section —————————————————————————————- 256
10.5 Government policies —————————————————————————– 261
Answer Section —————————————————————————————- 265
10.6 Multiple topics of chapter 10 ——————————————————————- 267
Answer Section —————————————————————————————- 268
UNIT 11 LABOUR MARKET ———————————- 269
11.1 Marginal revenue product (MRP) ——————————————————————- 269
Answer Section —————————————————————————————- 273
11.2 Individual Supply of labour —————————————————————————– 275
Answer Section —————————————————————————————- 276
11.3 Firm and market supply of labour ——————————————————————- 277
Answer Section —————————————————————————————- 279
11.4 Marginal cost of labour —————————————————————————————- 280
Answer Section —————————————————————————————- 283
11.5 Wage determination in perfect market ——————————————————————- 287
Answer Section —————————————————————————————- 294
11.6 Wage determination in monopsony ——————————————————————- 299
Answer Section —————————————————————————————- 299
11.7 Wage determination with trade union ——————————————————————- 300
Answer Section —————————————————————————————- 303
11.8 Strength of trade union —————————————————————————————- 305
Answer Section —————————————————————————————- 307
11.9 Wage differentials —————————————————————————————- 310
Answer Section —————————————————————————————- 313
11.10 Economic rent and transfer earnings ——————————————————————- 314
Answer Section —————————————————————————————- 321
11.11 Multiple topics of chapter 11 —————————————————————————– 325
Answer Section —————————————————————————————- 329
UNIT 12 INEQUALITY AND POLICIES TO DISTRIBUTE INCOME——————————————– 331
12.1 Means tested benefits —————————————————————————————- 331
Answer Section —————————————————————————————- 332
12.2 Types of taxes ————————————————————————————————— 333
Answer Section —————————————————————————————- 341
12.3 Gini coefficient and Lorenz curve ——————————————————————- 345
Answer Section —————————————————————————————- 346
12.4 Multiple topics of chapter 12 —————————————————————————– 347
Answer Section —————————————————————————————- 348
UNIT 13 NATIONAL INCOME ACCOUNTING ——————————————————————- 349
13.1 Concepts of national income —————————————————————————– 349
Answer Section —————————————————————————————- 351
13.2 Nominal and Real GDP —————————————————————————————- 352
Answer Section —————————————————————————————- 354
13.3 Methods of measuring national income ——————————————————————- 356
Answer Section —————————————————————————————- 359
UNIT 14 ECONOMIC GROWTH & DEVELOPMENT ——————————————————– 361
14.1 Meaning of economic growth —————————————————————————– 361
Answer Section —————————————————————————————- 362
14.2 Actual versus potential growth —————————————————————————– 363
Answer Section —————————————————————————————- 365
14.3 Factors contributing to economic growth ——————————————————————- 366
Answer Section —————————————————————————————- 372
14.4 Costs and benefits of growth —————————————————————————– 375
Answer Section —————————————————————————————- 376
14.5 Standard of living —————————————————————————————- 377
Answer Section —————————————————————————————- 381
14.6 Economic development and classification of countries ——————————————— 383
Answer Section —————————————————————————————- 390
UNIT 15 KEYNESIAN THEORY OF INCOME & EMPLOYMENT ——————————————— 393
15.1 Circular flow of income —————————————————————————————- 393
Answer Section —————————————————————————————- 396
15.2 Consumption function —————————————————————————————- 398
Answer Section —————————————————————————————- 403
15.3 Marginal and average propensities ——————————————————————- 404
Answer Section —————————————————————————————- 409
15.4 National income equilibrium —————————————————————————– 412
Answer Section —————————————————————————————- 419
15.5 Multiplier (K) ————————————————————————————————— 424
Answer Section —————————————————————————————- 432
15.6 Accelerator (a) ————————————————————————————————— 437
Answer Section —————————————————————————————- 440
15.7 Multiple topics of chapter 15 —————————————————————————– 442
Answer Section —————————————————————————————- 444
UNIT 16 MONEY, BANKING & INTEREST RATE DETERMINATION ———————————- 446
16.1 Banking ————————————————————————————————— 446
Answer Section —————————————————————————————- 446
16.2 Credit Creation ————————————————————————————————— 447
Answer Section —————————————————————————————- 449
16.3 Money Supply ————————————————————————————————— 450
Answer Section —————————————————————————————- 454
16.4 Liquidity preference —————————————————————————————- 456
Answer Section —————————————————————————————- 459
16.5 Changes in interest rate —————————————————————————————- 461
Answer Section —————————————————————————————- 467
UNIT 17 MONETARY AND DEVELOPMENT POLICIES ——————————————————– 471
17.1 Quantity Theory of Money —————————————————————————– 471
Answer Section —————————————————————————————- 476
17.2 Macroeconomic policies —————————————————————————————- 480
Answer Section —————————————————————————————- 492
17.3 Automatic stablizers —————————————————————————————- 500
Answer Section —————————————————————————————- 503
17.4 Multiple topics of chapter 17 —————————————————————————– 504
Answer Section —————————————————————————————- 513
UNIT 18 EMPLOYMENT AND UNEMPLOYMENT ——————————————————– 518
18.1 Types of Unemployment ——————————————————————- 518
Answer Section —————————————————————————————- 520
18.2 Effects of Unemployment —————————————————————————– 522
Answer Section —————————————————————————————- 524
18.3 Labour force and labour productivity ——————————————————————- 525
Answer Section —————————————————————————————- 527
UNIT 19 MACROECONOMIC OBJECTIVES AND CONFLICTS ——————————————— 528
19.1 Short run phillips curve —————————————————————————————- 528
Answer Section —————————————————————————————- 533
19.2 Government macroeconomic aims ——————————————————————- 535
Answer Section —————————————————————————————- 537
19.3 Approaches of macroeconomics ——————————————————————- 538
Answer Section —————————————————————————————- 544
UNIT 20 OTHERS ———————————————————————————————————– 552
20.1 Aggregate demand and supply ——————————————————————- 552
Answer Section —————————————————————————————- 558
20.2 Elasticity —————————————————————————————- 561
Answer Section —————————————————————————————- 564
20.3 Absolute and percentage values ——————————————————————- 566
Answer Section —————————————————————————————- 570
20.4 General questions —————————————————————————————- 572
Answer Section —————————————————————————————- 576
YEARLY PAPERS ——————————————————————————————————- 578
March 2017 Paper 32 ———————————————————————————— 578
Answer Key —————————————————————————————- 583
May – June 2017 Paper 32 ——————————————————————————- 584
Answer Key —————————————————————————————- 592
October – November 2017 Paper 32 —————————————————————– 593
Answer Key —————————————————————————————- 598
2018 Paper 32 —————————————————————– 599
Answer Key —————————————————————————————- 605

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