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1. Moving from an economically inefficient to efficient allocation of resources will necessarily increase benefits by more than costs.
2. There are two demand curves for a private (i.e. normal consumption) good: P=30-q1 & P=30-2q2. Let Q=q1+q2 be the total quantity demanded on the market. What is the equation for the total (market) demand ?
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
A newspaper recently lowered its price from 50 cents to 30 cents. As it did, the number of newspapers it sold increased from 240,000 to 280,000. i) Over this price range what
#question.using a well illustrated diagram, explain the concept of producers equilibrium .
The Industrial Revolution The century after 1750, saw the industrial revolution proper: invention of steam engine, spinning jenny, power loom, hydraulic press, railroad locomot
They take deposits which mean borrow money and make loans which means lend money. The interest rate they pay on the deposits is less than the interest rate they charge on their loa
scope of microeconomics
meaning, scope, nature
5 stratgies that can be used to regulate skilled labour in developing countries
under which market structure does the banking sector fall?
THEORY OF PRODUCTION: Production activities related to goods and services require inputs. Typically, the set of inputs includes labour, capital equipments and raw materials. T
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