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State about the prices - Price level Prices are of great significance in macroeconomics as indeed they are in microeconomics. Though, in microeconomics we are more interested i
Axioms: It is possible to construct a utility index which can be used to predict choice in uncertain situations if the consumer conforms to the following five axioms: • A
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. It originated from countries with highly sophisticated fin
Determinants of Social Demand for Education - Equity Perfect equality is not observed in any society. Hierarchy in status, standards of living, capacities for effective demand
What barriers to economic growth can be explained using the Harrod-Domar model? Definition and outline of the Harrod-Domar model; growth in national income = savings ratio over
1. What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2. Define economies of scale and e
List and describe the determinants of the price elasticity of demand and of supply.
Demonstrate mathematically that the equilibrium condition MRS PB PA is the equivalent of the utility-maximizing rule MU AP A MU B PB .
Consider a decision faced by a cattle breeder. The breeder must decide how many cattle he should sell in the market each year and how many he should retain for breeding purposes.
Perceived Value Pricing This refers to a pricing strategy that dictates that the price of a given item will be set based on the customer's perception of the value of that item
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