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"Consider a market with n firms occupied in Bertrand competition. These firms have in common dissimilar marginal costs but any number of them may also have equivalent marginal cost
(i) How do we measure economic growth and why do we need economic growth? (ii) What can governments do to stimulate economic growth and create jobs? (provide some current exampl
Problem 1: a. Describe the concept of opportunity cost, using the production possibility curve. b. What are the fundamental problems of an economy? Describe how the command
Dynamic Changes in Costs: The Learning Curve
what is tariff and qouta
How to find quantity supplied given just the price
Learning curve implies: 1) The requirement of labor falls per unit. 2) Costs will be high at 1 st and then will fall with learning. 3) After eight years the labor requ
Economies of Scale
Q. What do you meant by Real GDP? Real GDP:Value of total gross domestic product (which is, all the services and goods produced for money in the economy) adjusted for effects o
Money: Broadly speaking, money is anything which can be used as a means of payment (for instance, to settle a debt). It includes bank deposits, actual currency, credit cards and li
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