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Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
Features of Free Market System The features of a free market system are: (i) Ownership of Means of Production Individuals are free to own the means of producti
explain the incimental principle
Prices of the factors of production As the prices of those factors of production used intensively by X producers rise, so do the firms' costs. This cause supply to fall as some
what is monotonisty
explain production function illustrate production with one variable input
Explain about Pragmatic Managerial economics is pragmatic. In pure micro-economic theory, analysis is performed based on certain exceptions that are far from reality. Though in
Explain the Theory of Production Cost and Production analysis is central for the unhampered functioning of the production process and for project planning. Production is an e
Price elasticity of demand The price elasticity of demand is defined as the degree of sensitiveness or responsiveness of demand for a commodity to the changes in its price. Mo
Question: (a) Under what conditions would a central bank be considered independent. (b) Discuss the effects of delegating monetary policy making to an independent agent on
State the Meaning of managerial economics Managerial economics, used synonymously with business economics, is a study of economics that deals with the application of microecono
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