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Economics; Different Perspective
? Economics is the knowledge of the choices taken by people who are faced with scarcity.
? Scarcity is a condition in which resources are restricted but can be utilized in various ways; so one good or service should be sacrificed for the other one.
Society’s Choices
? The decisions of consumers, producers, and government decide how an economic system answers 3 fundamental questions:
1. What products do we manufacture?
2. How do we manufacture these products?
3. Who consumes or intakes the products?
When does deadweight loss occur to society? Applying consumer and producer surplus the efficiency costs of a tax: A tax causes a deadweight loss to society, since less the g
its elements , scope calculation
If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $
a more simple explanation of the group equilibrium in the short and long run
scope of microeconomics
stackelberg,bertnart,cournet about oligopoly
show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .
what is the langrangian function
resonance effect
theory of profit
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