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edge worth model
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
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
Q. What is Economic efficiency? Economic efficiency Explain a situation where the total value of the end uses, to which the resources are put, is maximised. A consequence is th
Much of undergraduate macroeconomic theory is discussed on the assumption that, in the short run, the expectations of economic agents about the future values of macroeconomic varia
why society has chosen the mixed economy
ASIAN DEVELOPMENT BANK; In addition to the World Bank family, there are three other international lending agencies operating only in specific geographical area, but run on lin
Non-Accelerating-Inflation Rate of Unemployment (NAIRU): This theory is a variant of neoclassical natural rate of unemployment. As in original natural rate theory, NAIRU advocates
What is the benefit (main work) of economics in our life? Economics plays a very important role in development of a country. A country's economy shows the stability of that co
(a) Suppose Scientists discover that eating soybeans prevents cancer and heart disease.
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