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Differentiate between real and nominal variables.
In economics, the distinction among nominal and real numbers is often made. Nominal variables -- like nominal wages, interest rates and gross domestic product (GDP) -- refer to amounts that are paid or earned in money terms. Real variables -- real wages, interest rates, and GDP -- are corrected for the effects of inflation. They show the value of these numbers in terms of the purchasing power of wages, interest, or total production.
#explain bains theory of limit pricing theory
Define the production terminology in short. Production Technology: Production is the procedure of transforming inputs to outputs. Characteristically, inputs consist of labor
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At a market price of $21 a toy, what quantity does the firm produce in the short run and does the firm make a positive economic profit, a zero economic profit, or an economic loss?
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The End of the Malthusian Age We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies a
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How has the Harberler''s theory of opportunity cost an improvment over the classical theory of trade?
differance between capitalism and socialism
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