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Explain opportunity costs using a PPF where investment goods are on one axis and consumption goods on the other.
Again, a good definition of opportunity costs linked to the notion of limited societal resources is the answer. Suppose two bundles of goods - capital and consumption goods - and maximum efficiency in the economy being attained (the economy is producing on the PPF), then any enhance in the production of investment goods will of course mean an opportunity cost in terms of quantity of consumption supplies given up.
Supply of a commodity is functionally related to its price. The law of supply rated to this function relationship between price of a commodity and its supply. In contrast to the in
PARALLEL ECONOMY: What is in popular parlance known as black money, and is, misleadingly called the 'parallel' economy, (as it operates very much with and within the legal, fo
how does economics bridge the gap between economic teory and practise
find the highest premium find the actuarialy fair premium
Assume there is a remote area in china with high population.The area is composed exclusively of apartments and is populated by low-income residents .The people tend to stay in that
Market research has revealed the following information about the market for chocolate bars: The demand schedule can be represented by the equation QD= 1,600-300P, where QD is the q
The Snob Effect - If network is negative externality, a snob effect exists. * The snob effect refers to desire to own unique or exclusive goods. * The quantity demanded o
How to I calculate the break-even point per unit in dollar amount and then determine whether there will be a profit or loss? Such as if the fixed costs were $75000. The variable co
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Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
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