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(a) Explain why the Pareto criterion does not provide a complete ordering of the ordinal utility space
(b) The competitive equilibrium is the only allocation where the gains from trade are exhausted. Is this statement true or false? Explain
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
1. Assume that Malaysia can produce cencaluk at 25 bottles per worker and belacan at RM5 per worker. Assume that Indonesia can produce 10 bottles of cencaluk per worker and 20 pack
a) Microeconomics is concerned with decision-making within the firm, household or on the individual level, but macroeconomics is concerned with the behavior of the whole economic s
what is Microeconomics?
Question : (a) Suppose Firm A is a perfectly competitive firm producing good X and faces the following average revenue and average cost Average Revenue: P = 10 Average Co
Do the laws of economics still work today? use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can shift the
Question: (a) With the help of diagrams, explain how the price and quantity demanded or supplied of fuel will change under the different scenarios: (i) Consumers expect a fu
how a firm will choose its optimal inputs, isocosts and isoquants explanation
critically evaluate the two main utility theories
Graphically illustrate how society decides on the number of police officers to hire
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