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Q. Can you explain about Counterfactual?
The ‘base case' or counterfactual is a statement of what could have happened without policy intervention, or if the policy intervention had taken a different but specified form. Any evaluation of a policy's effects could be made relative to what would otherwise have happened. Generally it is not enough to describe the starting position or ‘baseline' since this is likely to change over time.
Marginal Product Theory a. What is the MC of output in the short-run? b. What is the MC of labor (employed)? c. What is the short-run profit-maximizing decision
#question. what is the underlying reason for the law of increasing opportunity cost?
Why some country saving less and consumption more?
(Cost minimization) a) What are the expressions for the marginal product of every of the two inputs in producing credit hours? b) What is the expression for the marginal r
Calculating Variance (σ) The standard deviations of the 2 jobs are: The standard deviation is used when there are several outcomes instead of only two. * An Examp
How are consequences of economists used? Economists generally use efficiency, information, equilibrium and incentive compatibility like focal points, and examine the consequenc
A country s choice among the production of education and nuclear submarines is an issue of opportunity cost. Explain the issue using a PPF. Resources are limited whereas
Demonstrate mathematically that the equilibrium condition MRS PB PA is the equivalent of the utility-maximizing rule MU AP A MU B PB .
For each of following production functions, comment on the ability to substitute capital for labor. Note that Q, K, and L denote output, capital, and labor respectively. A: B
is south african economic system more allocative efficient?
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