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I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus
Types of externalities
Economics; Different Perspective ? Economics is the knowledge of the choices taken by people who are faced with scarcity. ? Scarcity is a condition
Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measur
Balance of payment: It is an account that summarizes a country’s total payments and total receipts from international economic transactions within a specific period usually on
explain the managerial decision areas
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
Nucleic acids perform two important functions 1. Replication: It is the property of biomolecules to synthesise exact copy of it. DNA has this unique property of duplicating it
Why short run average cost curve is ‘U’ shaped
The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif
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