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1 Differentiate between a firm and a market.
2 Graphically illustrate (i.e. draw) and explain the relationship between the market demand curve and the individual firm's demand curve for a perfect competition.
what are things you need to look in manner of functions,elements,purpose,types and definitions?
all the problems involved in measurement of profit
Capital formation: Growth Economists believe that accumulation of capital is one main source of growth of an economy. Emphasis is given to the accumulation of more capital pe
Can marginal cost be constant? If so, does this mean that marginal cost are equal to average variable cost?
Consider two individuals M and F who must split 20 units of good X and 10 units of good Y. Suppose we can represent M's preference with the utility function Um =X ^2 mYm and Fs
What are the basis for International Trade?
Give two level of incomes 100$ and 150$ DRAW demand curve for individual a & b and then draw market demand curve for these two different kind of income
Do the laws of economics still work today? use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can shift the
Mathematical Presentation of Utility maximisation: Consumer's objective is to maximise her utility by solving UMP. To solve UMP, we set the Lagrange function of the correspond
Arc Elasticity is defined below: Arc elasticity measures/calculates the "average" elasticity between two points on the demand curve. The formula is simply given as (change in q
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