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Q. Describe Classical Economics?
Classical Economics:Tradition of economics which began with Adam Smith and continued with other theorists including Thomas Malthus, David Ricardo, Jean-Baptiste Say and others. Classical economists wrote in the early years of capitalism and they uniformly celebrated productive, innovative actions of new class of industrial capitalists. They focused on political development and dynamic economic of capitalism, analysed economics in class terms and advocated the labour theory of value.
Find the best response functions and the mixed strategies Nash Equilibrium if each player randomizes over his actions.
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
choose a topic from microeconomics that matters to you and find a recent news article covering that topic?
compare the concept of MRTS with the MRS and discuss the similarities and difference between them?
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Define Nash equilibrium
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Elasticity- a) The price of good X goes up by 2.75%, the quantity demanded of good Y goes from 10,500 units to 25,000. What is the Exy? What does that number mean? What is th
why sellers and producers keep pricess lower
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