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Define and explain the following economic terms:
Economics, Microeconomics & Macroeconomics
Positive vs. Normative Economics
Law of Diminishing Marginal Utility
Opportunity Cost &Ceteris Paribus
Factors of Production, Efficiency and Equity
Law of Demand & Law of Supply
Demand vs. Quantity Demanded
Supply vs. Quantity Supplied
Use the graph to answer the following questions. All labels have been removed, but you can assume that the supply and demand curves are the same ones that we have been working with for most of the semester, you can also assume that the axis are the ones that we typically have used (price is in dollars and quantity is in thousands).
implications of market structures on price determination
The market demand for brand X has been estimated as Qx=1500-3Px-0.05I-2.5Py+7.5Pz Where Px is the price of brand X, I is per-capita income, Py IS the price of brand Y, and Pz is th
Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc
Determine the Profit-Maximizing Price If a firm targets a 25 % rate of return on sales, and has unit costs of production of $100, what price should it charge if it uses cost-p
Gay Lussac''s law of gaseous volumes: While gases react with each other they always do so in volumes that bears a simple ratio to one and another or to the volumes of the products
How have economists traditionally defined "economic growth," and how is that different from "living standards growth"? Economists have traditionally explained economic growth
Risk Loving - A person is a risk loving if they show a preference toward the uncertain income over a certain income having same expected value. Examples: Gambling, some
The prevention of major swings in economic activity can be handled most easily by the
Durability of the Commodity: With some commodities, we require one at a time and they are used for a very long time before they get spoilt. Examples of such goods are cars, tele
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