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what are the properties of indifference curve
what is an iso curve
b) Why is monopoly considered to be generally against public interests, and what policy instruments can be used to regulate monopolies?
Consider a market that is served by a single-price monopolist with marginal cost given by MC = $100 + Q. The market demand is given by P = $800 – 3Q. Determine the following: the f
Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de
meaning of opportunity cost under theory of cost
construct your own version of a production possibility curve and use it to explain scarcity, opportunity cost and choice
what is general equilibruim?
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
How would the price mechanism decide resource allocation in a competitive (free) market? The main issue it to explain how the price mechanism has a signalling, rationing and ince
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