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What is the benefit (main work) of economics in our life? Economics plays a very important role in development of a country. A country's economy shows the stability of that co
supply and demand
price falls and demand is elstic
what to produce? how to produce? for whom to produce
Axioms: Revealed preference theory is based on the axioms listed below. • Consumer will spend all her income on goods. The consumer equilibrium always remains on the budg
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
what is basing point
Given the following table MUx MUx/Px Qty MUy MUy/Py 80 40 1 68 17 52 26 2 32 8 20 10 3 28 7 16 8 4 24 6 8 4 5 20 5
write down the assumotions and importance of game theory
Economic Ef ficiency The effort to making products and services in the least costly way without sacrificing excellence.
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