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The End of the Malthusian Age
We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies and better organizations haven't been neutralized by natural resource scarcity. (However a Malthusian age can return: project 20th century population growth rates forward and calculate that in year-2200 population of the earth would be 93 billion; it needs skill and ingenuity to argue today that resource scarcity will not be a dominant feature of such a world).
Sources of external economies of scale: Economies of Skilled Labour: This involves upgrading the skills of labour through the provision of education and training faci
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
where does stage 1 end?
solution of central problem of an economy
illustrate and discuss the implications of various markets structures(competitive and non-competitive) for price dertimation
consumer choice involving risk
What is market failure?
Functions of the Central Bank: Currency issue and distribution: The Central Bank is the only institution empowered by law to issue currency notes and coins that are used as a
What are the "three basic economic questions" that economists often address when examining how much economic output is formed? The three basic questions are: a) what is prod
Axioms: It is possible to construct a utility index which can be used to predict choice in uncertain situations if the consumer conforms to the following five axioms: • A
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