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Economics 4EC1/01 May June 2021

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1. Production Possibility Curve (PPC) and Market Structures: Understanding resource allocation, business profit maximization, and monopoly definitions. 2. Cost and Revenue Analysis: Calculating total cost, average cost, and profit/loss per unit of production. 3. Government Policies and Market Intervention: Effects of taxation, subsidies, and fines in addressing economic issues and externalities. 4. Labour Market and Education Policy: Impact of raising the school-leaving age on workforce supply and wage determination. 5. Privatization and Economic Growth: Benefits of privatization, multinational corporations (MNCs), and investment decisions. 6. Market Dynamics and Consumer Behavior: Price elasticity of demand, shifts in supply and demand, and impact of competition on businesses.
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