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1. Explain-
a. Tragedy of commons
b. Free rider problem
c. Diminishing marginal utility
d. Diseconomies of scale
e. Tax incidence
f. Elasticity
g. Gains from trade
h. Rent- seeking in monopoly
i. Public goods
2. a. If the price elasticity of supply for corn is 3.12, then is the supply of corn elastic or inelastic?
b. If the cross elasticity of demand between peanut butter and milk is -1.11, then are peanut butter and milk substitutes or complements?
c. The income elasticity of demand for movies in the United States is 3.41. If people's incomes decrease by 1 percent, what is the decrease in the quantity of movies demanded?
explain economic growth
why is elasticity important for beachfronf properties
give a detailed discussion on the term economics of scale as applied to economics, highting examples,limitation,and original of economics of scale.
Define Average Total Cost and Average Variable Cost Average Total Cost: The amount spent on producing every unit of output. The average cost is calculated by dividing the t
how the equilibrium output and price is determined in williamson model of managerial discretion?
Iso-quant: The dots in the above Figure denotes the various combinations of (L, K) that the producer can pick up from form to produce. Among these combinations, there can be t
Interest: A lender charges interest as the price of lending money (or some other asset) to a borrower. Interest is mainly charged as a specified percentage of the loan's value, per
I want to know all about equilibruim consumer equilibruim firms equilibruim nd market equilibruim technically also??
Compare and Contrast Classical and Neo classical theory of interest
there are 1 million hours of labor available for making cars in the north, and another 1 million hours of labor available for making cars in the south. in a no-trade world, let''s
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