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International economic relations also vary, in large measure, on monetary issues. You are unlikely to accept the Turkish Lire in payment for your wages in this country, easily because you can't simply use that money to buy anything. You need U.S. dollars in payment for your services, because you can simply spend the dollar. Countries act the same way you do. There are currencies that virtually everybody accepts as payment, and those widely accepted currencies are known as hard currency.
If Coolest IceCream ice cream parlor has been closing at 5pm with $120 of marginal revenue and $80 of marginal cost for the last hour open, what should Coolest IceCream do to maxim
law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?
I don''t really understand how scitovsky contour is formed.
Government increases the taxes on car ownership. Explain the possible market outcomes of such a decision. As this is a tax paid by owners, and therefore not levied indirectly
summary of general equilibrium
Arc Elasticity is defined below: Arc elasticity measures/calculates the "average" elasticity between two points on the demand curve. The formula is simply given as (change in q
Cross-Price Elasticity of Demand is explained below: Cross price elasticity of the demand is the percentage change in the quantity demanded of a particular good, with respect t
Income Elasticity of Demand is described below: Income elasticity of demand is the percentage change in the quantity demanded/required with respect to the percentage change in
Wage Differentials: Market structure alone does not account for all of the differences in wages and employment. Market wage differentials arise from various other sources, includin
Determinants of investments: Expected Rate of Return: Investment spending is guided by the profit motive; thebusiness sector buys capital goods only when it expects such
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