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what is the theory of Second best? Prove the theorem with the help of a diagram.
veblen effect
Income and Substitution Effects A fall in price of a good has the two effects: Substitution & Income -Substitution Effect Consumers will tend to buy more of the good
if the inverse demand curve is p = 120 - Q and the marginal cost is constant at 10, how does charging the monopoly optimum and the welfare of consumers, the monopoly, and society?
what is the formula for finding gross national product?
How does the production possibilietes curve relate to present day economics?
STATE AND EXPLAIN SLUTSKYS THEORM?
explain the various marginal uses and limitations of break even poin?
What is Expenditure Function? The Expenditure Function: When preferences satisfy the local nonsatiation assumption, in that case v(p, m) will be strictly increasing into m.
"A firm in monopolistic competition maximizes its profit by producing where its price is equal to its marginal cost." Is this statement correct or incorrect? Explain.
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