Economics of tourism UE Past Papers Questions.


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(2357) Question Category: Short answers

What is the law of diminishing marginal utility?

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(2358) Question Category: Short answers

How can you distinguish between the “cardinal” and “ordinal” approaches to the study of consumer demand?

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(2359) Question Category: Mathematical Calculation

Given that the demand schedule for a tourism product is represented by M=100-5Q  and the supply schedule for the same product is repesented by M=40+10Q,  where: M=price of the product and Q is the quantity demanded and supplied. FInd the equilibrium price and quantity.

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