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Explain the key assumptions and desired properties commonly used economics.
Economists generally make all or some of the given key assumptions and a condition while they study economic problems as follows:
a. Individuals are restricted rational: self-interested behavior assumption;
b. Scarcity of resources: individuals tackle scarce resources;
c. Information regarding individual’s economic characteristics and actions is unfinished or asymmetric to a decision marker. As like a decentralized decision making is wanted.
d. Economic freedom: It is voluntary cooperation and voluntary exchange;
e. Incentive compatibility of parties: there the system or economic mechanism must solve the problem of interest conflicts in between individuals or economic units;
f. Well-described property rights;
g. Equity into opportunity;
h. Allocate efficiency of resources;
Relaxing any of such assumptions may result in various conclusions.
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
3
Define
about pay back method
Development Banks Banks that function as coordinating and intermediary industries to raise capital attract investment, and giving technical assistance for the economic develop
A country s choice among the production of education and nuclear submarines is an issue of opportunity cost. Explain the issue using a PPF. Resources are limited whereas
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You have decided to sell some goods at a local music festival. You have hired a sales stand for $500. Your cost per item is $3 and you will sell each item for $5. When you did your
In year one, suppose the federal government has no national debt and spends $100 billion, while raising only $50 billion in taxes. The U.S. Treasury will issue $ billion of governm
How is the wrong conclusion result in necessary condition not in the sufficient condition? This is often heard that the market institution must not be used based onto the fact
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