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Explain the difference between a stock and a flow.
A stock is something whose quantity is calculated at a point in time, whereas a flow measures the quantity of something over a period of time
pooling in insurance
Island Economy: Consider an economy as a sea with islands of local markets. Each household produces goods and sells them on one and only one of the arrays of these markets. Go
consumer choice involving risk
what is equilibrium
explain the concept of producers'' equilibrium
what total cost function yields a U-shaped average total cost function
is south african economic system more allocative efficient?
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managerial problems related to microeconomics
Consider a family saving function for the population of all families in the United States: sav = β 0 + β 1 inc + β 2 hhsize + β 3 educ + β 4 age + u where hhsize is househol
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