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What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities
How is the wrong conclusion result in necessary condition not in the sufficient condition? This is often heard that the market institution must not be used based onto the fact
The Short Run versus long Run - Short-run: Period of time in which the quantities of one or more production factors cannot be changed. These inputs are called as fi
how do I determine the profit-maximizing quantity of a firm for different market prices when only given TFC, TVC, and the market price
discuss how a knowledge of price elasticity and income elasticity be of practical use to a firm
what is basing point
suppose a firm''s total revenue depends on the amount produced (q) according to the function R= 70q-q2 total cost dependson q: C=q2+30q-q2
What are the differentiated conditions of economic issue? While discussing an economic issue, this is very important to differentiate between: (a) Two types of conditions: e
How has the Haberler''s theory of opportunity cost an improvement over the classical theory of trade
Mikes' preferences for consumption and leisure may be represented by the Utility function: u(C, L) = ( C-200)*(L-80) . His marginal utilities of leisure and consumption are (C-200
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