Thomas Sim E3009

Q.
a) Explain the meaning of ‘economies of scale’ and distinguish between internal and external economics. (10 marks)

b) Explain the relation of short-run average costs to long-run average cost. Show in […]

Q.What is ‘kinked’ demand in a oligopoly?A.Oligopoly is characterized by a market structure with a few large sellers, where any price movement would have effects on the preference of buyers to switch sellers as […]

Q.
a) Discuss the characteristics of the following market structure. Support your answer with examples.

i) Perfect competition (5 marks)
ii) Monopolistic competition (5 marks)

b) Monopoly is defined as a […]

Q.Define market structure of a monopoly and illustrate the equilibrium position in a short-run and in the long-run.A.Monopoly is defined as *being sole seller of a product without any close substitute.* Mankiw, N […]

Q.
a) Define the following market structures and illustrate the equilibrium position of a firm or industry in the short-run and in the long-run.

i) Perfect Competition (8 marks)

ii) Monopoly (8 marks)

b) […]

Q.Explain the concept of Production Possibility Curve and support your answer with examples and diagrams.A.Resource of diagram are […]

Q.What do you understand by an “indifferent curve”. Illustrate your point with a diagram.A.An indifference curve is a graph showing different bundles of goods between which a consumer is indifferent. That is, at […]

Q.
a) Explain the following terms:

i) Elasticity of demand and supply. (5 marks)

ii) Indifference Curve. (5 marks)

b) Explain the concept of production possibility curve and support your answer with […]

Q.What is “Opportunity Cost” and explain your understanding of this term in economics.A.Opportunity cost is cost of forgoing a possible profit because the same resource is used to earn another profit in the same […]

Q.What are the basic economic problems of built environment?A.The three basic economic problems are:What to produce?How to produce (how much)?To whom it is produced?The above questions are “economic problems” […]

Q.
What is ‘Perfect Competition’?

A.
Perfect competition (sometimes called pure competition) describes markets such that no participants are large enough to have the market power to set the price of a hom […]

Q.
a) Economics is traditionally divided into two main areas i.e. Micro economics and Macro economics. Explain.

b) Elaborate the meaning of opportunity cost with examples.

c) Illustrate in diagrammatic […]

Q.a) A company, which makes up its financial statements annually to 31 December, provides for depreciation if its machinery at the rate of 15% per annum using the reducing balance method.On 31 December 2011, the […]

Q.The following trial balance was extracted from the books of Tiffany & Co. at the close business on 31 December 2011.Additional information:-Inventory 31 Dec 2011 is RM2,400Wages and salaries accrued RM340Van […]

Q.a) Name five (5) accounts that normally have debit balance and five accounts that normally have credit balance.b) State five (5) errors in the trial balance.(10 marks each, 2012 Q4)A.a)Five accounts that usually […]

Q.Enter the following in the two-column cash book of an office supply shops and balance it off as at the end of the month.Dec 2011 — Transactions1 — started in business with capital in cash RM1,0002 — paid […]

Q.Record the following details relating to a small laundry shop for the month of May 2011. Then, balance off the accounts and extract a trial balance as at 31 May 2011.May 2011 ——- Transactions1 — Started in […]

Q.a) Fahsa is setting up a new business. Before actually selling anything, she bought a van for RM5,500, a market stall for RM3,000 and a stock of goods for RM2,500. She did not pay in full for this stock of goods […]

Q.Identify and state the relevant accounting concepts given, which is suitable for each question below:-Money Measurement ConceptHistorical Cost ConceptConsistency ConceptEntity ConceptGoing Concern ConceptABC […]

Q.Who is a PEA (Probational Estate Agent)?A.PEA is defined in Valuers, Appraisers and Estate Agents Act 1981 (VAEA Act) as a person who is registered under the Act as a probationary estate agent and whose name has […]