economic models, Microeconomics

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what is the use of models in economics?

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What is Economics?  Economics is explained as the study of how people choose to use their scarce resources in an attempt to satisfy their unlimited wants. In other words, we h

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Mrts., why mrts should convex to origin

why mrts should convex to origin

Change in the population of consumers, Change in the population of consumer...

Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low

Long period analysis, LONG PERIOD ANALYSIS: Long period refers to a ti...

LONG PERIOD ANALYSIS: Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. H

Duality theorems, Duality Theorems: The relationship between the direc...

Duality Theorems: The relationship between the direct and indirect utility functions may be described by a set of duality theorems. The following illustrative theorems are pro

Competitive equilibrium, (a)    Explain why the Pareto criterion does not p...

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Allocative efficiency, Allocative Efficiency The production of product...

Allocative Efficiency The production of products and services such that stages of production are closely tied to levels of customer demand.

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