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How the above would apply to non-renewable resources such as oil.
This has general applicability to any competitive market. The issue here is that potential supply has a finite limit and that ever-lower reserves of oil mean scarcity higher price → incentive for suppliers to find additional reserves. It also means that the rationing function will kick in; higher price→ consumers will reduce quantity demanded and look for substitutes.
Fiscal Policy Fiscal policy refers to the management of government spending and tax policies to influence total desired spending so as to achieve the desired level of economic
using necessary and sufficient condition explain consumer surplus diagrammically and mathematically?
What is Economics? Economics is explained as the study of how people choose to use their scarce resources in an attempt to satisfy their unlimited wants. In other words, we h
Cost in the Long Run Cost minimization with the Varying Output Levels -A firm's expansion path shows minimum cost combinations of labor and capital at each level of output.
#question. what is the underlying reason for the law of increasing opportunity cost?
The demand for one of Parsons products has increased over the last few years and, despite the extensive use of overtime and weekend working, the company has been forced to sub-cont
In neoclassical economics, equilibrium exists when supply equals demand for a particular commodity. General equilibrium is a special (purely hypothetical) condition in which every
Describing Risk * To measure risk we should know: 1) All the outcomes which are possible. 2) The probability that each outcome will occur. * Interpreting Probability
Graphical Representation of Various Returns: Diminishing Returns: If the TP curve is as shown in the adjacent Figure, then the MPL given by tanθ is throughout less than the A
Explain three major barriers to development experienced by developing countries. Well, the scope of possible answers here is, em, wide, to say the least. The issue is not to si
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