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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?
what is Law of Demand?
Q. What is Cost effectiveness analysis? Cost effectiveness analysis A method which seeks to identify the least cost option for meeting a particular objective. It actives prior
Problem 1: i) ‘There is a trade-off between inflation and unemployment.' Do you agree with this statement? Justify your example using appropriate diagrams. ii) Mauritius is
a) Collect costs, revenue data, or other data from the industry that you deem relevant. Describe how you would modify the data in order to make it relevant to decisions a manager m
what are the properties of indifference curve
Students at XSU cannot register for english classes. Is this a situation of shortage or surplus of classes? Explain. Also would you expect market forces to do to tuition?
The Hypothesis of Rational Expectations : In the General Theory (Keynes, 1936) we noted that the state of expectations was taken as given. There was, in addition, explici
Crumble Corporation produces cookies. Here is the relationship between the number of workers and output (in dozens of cookies) in a given day: Workers Output Marginal Product T
Describe one case that fits the story of Prisoner Dilemma in not more than 10 sentences. It should fit the following features and it should not be any of the examples we already ta
draw the total revenue curve and the total cost curve showing the profit maximizing level
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