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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?
is south african economic system more allocative efficient?
advantage dis advantage of pure monopoly
find equilibrium level of income
Disadvantages of State Trading State trading has several disadvantages. (i) State trading is often afflicted by the corruption and inefficiency usually associated with the pu
Is coca-cola an oligopoly or monopolistic competition
The production function for a firm is expressed as follows: Q = 800K - K 2 +5KL - 7750L + 10,000 Where Q is quantity of units manufactured, K and L are units of capital and
Inflation-Unemployment Trade-off under Rational Expectations : Robert Lucas (1972) pointed out another implication of the above hypothesis of adaptive expectations. Suppose in
appraise baumol`s sales revenue maximazation theory as an alternative of the firm
Lorie teaches singing.Herr fixed cost are $1000 a month,and it costs her $50 of labor to give one class.the table shows the demand schedule for lorie''s singing lessons. Price
what do you understand by linear break-even point? in what way is it useful in managerial economics? what are the assumptions underlying the analysis?
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