What are theories, concepts and propositions and how are they used?

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What are theories, concepts and propositions and how are they used?

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Discuss 3 changes/elements of the reforms from the case study on Cook Islands and explain how they are linked to NPM
* Discuss the difference between individual and market demand. 2. How does the study of managerial economics help a business manager in decision-making? Illustrate your answer with example from output and pricing issues. * Explain the difference between micro and macroeconomics? * State why managerial economics should be thought of as applied microeconomics? * Explain the difference between short run and long run production. * What does perfect completion mean? State few assumption of perfect competition. * Discus the idea of wealth- maximization objective of the firm and its relevance comparing to that of the profit maximization objective? * Why do monopolies arise in the market? * Discuss the types of price discrimination using example. * Explain the difference between market segmentation and targeting strategies.
DISCUSS 3 CHANGES/ELEMENTS OF THE REFORMS FROM THE CASE STUDY ON COOK ISLANDS AND EXPLAIN HOW THEY ARE LINKED TO NPM. Clearly identify your reforms by numbering them from 1 to 3 and starting each one of them on a new line. For each reform, mention what is the change/aspect you are discussing/analyzing, explain what this reform implies and finally, support your point by explaining how the current case fits NPM. Use points from the case study, but EXPLAIN THEM IN YOUR OWN WORDS. (12 POINTS)
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