LO1: Identify and explain the key ideas that define economic way of thinking and the maximisation of scarce resources.

This assignment is intended to enable you to demonstrate effective use of some of the fundamental methods and tools of microeconomics and to apply elementary principles and models in the respective context of the questions.

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LO1: Identify and explain the key ideas that define economic way of thinking and the maximisation of scarce resources.

LO2: Analyse how prices are determined in a market.

LO3: Compare and contrast the key characteristics of various market structures and market strategies adopted by firms in different market environments.

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