Methods of Economic Analysis - Deductive and Inductive

Assignment Task

1. Briefly describe the two methods of economic analysis: inductive method and deductive method? 

2. Discuss the concept of cardinal and ordinal utility theories and the assumptions behind cardinal utility theory?

3. What is the very concept behind indifference curves? Briefly explain the meaning and the properties of indifference curves?

4. Briefly discuss the concept of price elasticity of demand and its different types with their elasticity values?

5. If the pr ice rises by 3 %, the quantity demanded falls by 1.5 %. Calculate the price elasticity of demand and briefly explain the interpretation behind.

6. Assuming the following production function Q = 90L- L2 , find the average and marginal products of labour

7. What is the maximum output a firm can produce given two inputs labor and capital, and costs for the two inputs.

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