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Illustrate the content in the rational consumer? Content in the rational consumer: a. How to spend income onto goods and services? b. Why maximizing usefulness? c. Wh
The price at which output is sold in a perfectly competitive market is determined by
Determinants of quantity supplied of a good The quantity of supplied of a product is influenced by factors such as the market price of the commodity, prices of inputs, techno
discuss and illustrates the following terms with diagrams1.inferior goods.2.normal goods,3.giffen goods
An economy can produce a maximum of either 28 million tons of wheat or 7,000 automobiles, or various intermediate quantities, as depicted in the table below:
baumol''s theory
discuss the significance of paration research
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
law of diminishing marginal utility its assumptions, limitation, and its practical importance
1. Explain- a. Tragedy of commons b. Free rider problem c. Diminishing marginal utility d. Diseconomies of scale e. Tax incidence f. Elasticity g. Gains from
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