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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.
Carmen, the Queen of Electra, is concerned over what she believes is an excessive consumption of electricity. Consequently, she proposes an excise tax on electricity consumption w
Functions
Determine the indirect utility function in brief. Indirect Utility Function: The ordinary utility function, u(x), is described over the consumption set X and thus to as the
The question states that a hotel charges $60 a night for a room per night during off peak. This hotel has a fixed cost of $75 per night and variable costs of $40 per night (only ap
defin giffen goods?
. Keep slope of supply constant and apply different slopes of demand curve and then show what happens if control price impose. Similarly, keep demand curve constant and apply diffe
quesinrent
The Acme Bakery in the seaside resort town of Malvino sells freshly baked bread to two categories of consumers: residents of the town and tourists. The weekly demand from touris
Purchasing Power Parity (PPP): The exchange rate is determined by the relative purchasing power of currency withineach country. For example, if a product X costs Rs. 100 in I
Question 1: (a) The Mauritian government is now increasingly involving the private sector in the development of the economy. How can government support effective private secto
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