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Differentiate between inflation and unemployment.
Inflation is an increase in the general price level that results in a decline in the purchasing power of money. In economics, a person who is able and eager to work yet is unable to find a paying job is considered unemployed. The unemployment rate is the number of unemployed workers separated by the total civilian labor force, which contains both the unemployed and those with jobs (all those willing and able to work for pay). In practice, calculating the number of unemployed workers actually seeking work is notoriously difficult.
causes for emergency of monopoly
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
A monopolist faces the following demand function for its product: Q = 45 - 5P The fixed costs of the monopolist are $12 and the variable costs are $5 per unit. a) What are the
The income elasticity of demand calculates the responsiveness of the quantity demanded of a commodity to changes in consumers' incomes. This is typically calculated by replacing t
The average price level has increased at a relatively rapid rate since 2008 even though the deep recession that UK experienced in 2008/09. The growth in the price level has been dr
Equilibrium is explained as follows: Equilibrium is the state in which there are no shortages and surpluses; or we can say that the quantity demanded is equal to the quantity s
definition of abnormal isoquant and normal isoquant
discuss how a knowledge of price elasticity and income elasticity be of practical use to a firm
dicuss the relevance of studing production theory and analysis inn your career as a student of manegerial economics
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