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Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
what is traditional economy 2 features of traditional economy
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
sources of oligopory
Discuss about the language and methods of mathematics in modern economics. Language and Methods of Mathematics: This section reviews some fundamental mathematics results
The Standard Indifference Curve Diagram. The standard model of labour leisure choice does not distinguish between females and males. It is a unisex model. The vertical axis gives
1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
The price of petrol fell during the past year. a. Explain why the law of demand applies to petrol just as it does to all other goods and services. b. Explain how the substitu
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
IN THE LABORATORY OXYGEN IS PRODUCED BY HEATING POTASSIUM CHLORATE ACCORDING TO THE EQUATION 2KCLO3-2KCL+3O2. WHEN 298g OF KCLO3 IS HEATED IT GAVE 181.2g OF OXYGEN. GIVEN THAT 32g
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