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illustration for demand of big macs using indifference curve and budget line
Market failures (even when they do not have international external effects) i) Self-fulfilling bank runs, government debt runs, currency crises. ii) Liquidation costs of li
Unemployment: Unemployment refers to a situation where people who are willing and able to work do not find jobs at the existing wage rate.For a person to be referred to as une
Your firms production function : Q=4K^1/2L^1/2 Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much
Define Law of conservation of mass, Explain briefly, Law of conservation of mass: In all physical & chemical changes the total mass of the reactants is equal to that of the produ
With current technology, suppose a firm is producing 400 loaves of bread daily. Assume that the least cost combination of resources in producing those loaves is $180 ( 5 units of
When Alex's income increased from $3,000 to $5,000, he increased his consumption of bagels from 4 to 8 a month and decreased his consumption of donuts from 12 to 6 a month. Calcula
when total production fall what,s the status of average product and marginal product
How can we calculate the Inflation rate Inflation: The rise in general prices and the decrease in value of money. Inflation is a sustained increase in the general price level
Question 1: (a) Discuss the adjustment to an increase in demand for a perfectly competitive market in the: (i) Short run (ii) Long run (b) How would the same industry
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