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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).
Name the five types of capital. The five types of capital are: natural capital, manufactured capital, human capital, social capital and financial capital.
what is non- collusioligopoly and how its price and output is determined
(a) Increase in technology and productivity take effect in the red bull market use and label a graph to explain the result of this change on each of the following (i) Market Pri
What types of external economies generates the output which reduces the costs of the firms in it? The chief example of external economies provided by marshal are (i) improved
why diminish MRS?
Closesubstitute goods: The number of closesubstitute goods The more substitutes of good has and the more close the substitutes are, the more elastic the demand for the good. Fo
Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
Explain the how the classical school views the role of markets and government intervention in fighting business cycles The classical school believes in the smooth functioning o
Unemployment Rate A measure of labor force utilization the unemployment rate is equal to the number of people which is unemployed as a percentage of the total labor force.
GROWTH OF PRODUCTION: The performance of Indian agriculture during more than half a century of planned economic development can be broadly characterised by three distinct phas
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