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What are the important functions to maximize total surplus? The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
In the context of managerial economics how do you explain a rational producer. Illustrate giving example covering different dimention.
the diagram used to illustrate abnormal and normal progits
Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W
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
advantage dis advantage of pure monopoly
Direct Marketing This is a marketing tool designed to elicit instant action from the customer through direct contact.
Explain the meaning of the statement "coffee and tea are close substitutes".
EXCEPTIONAL SUPPLY
Problem 1: a. Briefly explain and distinguish between a centrally planned, laissez-faire and mixed economy. b. According to you, which type of economic system is most desira
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