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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
Jeremy is an economics student who loves hamburgers. He could eat any number of them for dinner, but he gets a really bad stomach ache after eating a certain amount. In fact, his u
What is demographic transition In the world today not all nations have gone through their demographic transitions. Many countries today aren't rich enough to have begun populat
Impact of government legislations on business in india Government in India plays a dominant role in the Indian business activity. It directs and regulates the private business and
what is fixed and variable inputs with more explanation
Differentiate between inflation and unemployment. Inflation is an increase in the general price level that results in a decline in the purchasing power of money. In economics,
Healthcare Reform is currently in the news almost every day. The current approach proposes a government sponsored health insurance “market” to help control costs and make healthcar
relationship between total utilities and marginal utilities
suppose your opponent is not playing her nash equilibrium strategy. Should you play nash equilibrium strategy?k question #Minimum 100 words accepted#
Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th
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