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Q. Explain General Equilibrium? General Equilibrium: Neoclassical economics presumes that production, employment, investment and income distribution are all determined by a con
The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. What would answer be
explain monotanic
Economies and Diseconomies of Scale -Economies of Scale Increase in the output is greater than increase in the inputs. -Diseconomies of Scale Increase in the
Explicit cost: Explicit costs are payments made by the firm when it purchases or hires factors of production for the production of goods and services. They are also referred t
required urgent
Problem: i) What is meant by ‘own' price elasticity of demand? What factors are likely to affect the size of this elasticity? ii) A publicly owned bus line is running at
Relation between TP and MP: Graphically, given the total product curve, MP is the slope of the tangent at any point on the TP curve. This is shown in Figure. See that
Measure Inflation : There are two common methods of measuring inflation: (i) percentage change in price index numbers (PIN) , and (ii) change in GNP deflator. The tw
The prevention of major swings in economic activity can be handled most easily by the
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