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The aim of this task is to explore the effects of a supply shock on a firm and thereby on the industry. Suppose that war breaks out in the Middle East, where a considerable portion of the world's oil is produced.
(A) Describe, in words and on your graphs, any changes to (i) demand, (ii) supply,(iii) The petrol manufacturer's optimal quantity, (iv) the short-run equilibrium industry quantity, (v) the short-run equilibrium price, (vi) the short-run consumer's surplus, and (vii) the short-run profits.
MEC and MEI curvs and their role in economics
If there are economies of scope and if the price for each product equals marginal cost, is it possible for a firm to cover all its costs? If the firm's average cost of production d
1. Kuhn - Tucker Conditions Max 2x + 3y s.t. pxX + pyY ≤ M. x ≥ 0, y ≥ 0 2. Max (8 + x)(8 + y) s.t. pxX + pyY ≤ M. x ≥ 0, y ≥ 0 Utility function 3. U(x, y)
discuss mec
Describe in detail about Exchange rate systems Various countries have different exchange rate systems. The most significant characteristic of an exchange rate system is to what
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explain with illustration the meaning of credit creation in commercial banks
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PRODUCTION POSSIBILITY CURVE As we have seen, the essence of economic analysis is the problem of scarcity and choice. We know that limited productive resources compel individua
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