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What are the advantages of leaving the allocation of a countrys resources to the price mechanism? Ans) The main conditions needed are: 1. Either a finite number of agents or pr
Assume there is a remote area in china with high population.The area is composed exclusively of apartments and is populated by low-income residents .The people tend to stay in that
Time is a significant determinant of price elasticity. If a price changes, it might take consumers a certain amount of time to discover alternative lifestyles or commodities to ac
Explain how Monetarist economics views the role of markets and government intervention in fighting business cycles. Monetarist economics believes that the government should fol
Costs of Education The resources employed to produce a good or service measured in monetary terms is known as the ‘cost of the product’. If the measurement is per unit of serv
Individual Demand * The Individual Demand Curve - Two significant Properties of Demand Curves - 1) The level of utility which can be attained changes while moving along
#. The following information applies to the market for a particular items in the absence of a unit excise tax: Price($ per unit) Quantity Supplied Quantity Demanded 4 50
1f
Williamson’s Model of Managerial Discretion
Stackleberg Model : is another attempt at understanding the strategic decision making of oligopolistic firms. It derives its name from Heinrich Freiherr von Stackelberg whose brain
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