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Economics 4EC1/01 November 2021

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1. Market Structures and Business Operations: Reasons for firms not maximizing profit, characteristics of normal goods, and effects of technical economies of scale. 2. Production and Cost Analysis: Calculation of total costs, understanding productivity, and the impact of rising raw material costs on market equilibrium. 3. Government Intervention and Regulations: Price control policies, effects of interest rate caps, and evaluation of government efforts to reduce traffic-related pollution. 4. Supply and Demand Elasticity: Price elasticity of supply (PES) calculations, minimum wage impact on labor markets, and factors affecting firm size decisions. 5. Trade and External Factors: The role of trade unions, impact of global events on product demand, and effects of currency fluctuations on international business. 6. Labour Market and Economic Growth: Raising retirement age to increase labor supply, wage determination mechanisms, and factors influencing business expansion.
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