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Economics- Definition
Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people.
Microeconomics handles with:
• Conduct of individual units
• When Consuming; How we select what to buy
• When manufacturing; How we decide what to produce
• Markets: The communication of consumers and producers
• Evaluation of aggregate issues:
?? Inflation
?? Economic growth
?? Unemployment
How is consumer utility calculated?
in aid of a diagram explain the concept of diminishing returns in production
Xd(Px)=5000-100Px
different btn elesticity of demand and inelasticity of demand
who is a rational behaviour
Determine whether the ff is counted as part of gdp which of the ff statement are included or excluded 1.1A monthly cheque received by an economic stu
1. Select a data series that you wish to forecast. Make sure that it has some importance to you relative to business, future occupation or other special interest. Obtain monthly or
summary of general equilibrium
Maurice has the following utility function: U (X; Y ) = 20X + 80Y ?? X2 ?? 2Y 2 where X is his consumption of CDs, with a price of $1, and Y is his consumption of movie videos, wit
What are the costs and difficulties of such an operation? The direct costs are administrative, cooperative and storage costs, whereas the societal costs include misallocation,
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