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Mr. Smith can cause an accident, which entails a monetary loss of $1000 to Ms. Adams. The likelihood of the accident depends on the precaution decisions by both individuals. Spe
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc
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What is the difference between 'concept' and 'assumption'? These two terms are very dissimilar. The term 'concept' refers to an idea or abstract principle. For instances, forc
the law diminishing marginal utility explain through flow chart
Q. What is Formal Economy? Formal Economy:Sector of the economy that produces services and goods in return for monetary payment, and is fully integrated into the formal structu
Explain about the determination of equilibria. Determination of Equilibria: The fourth step for studying an economic step is to make trade-off choices and find out the be
The Standard Indifference Curve Diagram. The standard model of labour leisure choice does not distinguish between females and males. It is a unisex model. The vertical axis gives
how do oligopolistic market and monopolistic competition react to change in demand and supply ?
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