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Ways in which the markets fail and discuss why government intervention is justified and whether government intervention works or not.
KEYNES' THEORY AND EXPECTATIONS : Expectations played a major role in Keynes' theory of the determination of aggregate output and employment in market economies in the short run
demand elasticity
what is demand function
Clearly explain the distinction between supply, demand and equilibrium price.
The sole producer of the anti-diarrhea drug STOP supplies two retail pharmacies in an isolated village. The two pharmacies compete à la Cournot in a market characterized by an inve
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
Types of externalities
would a rational producer be concerned with the average or marginal product of an input in dec
When does deadweight loss occur to society? Applying consumer and producer surplus the efficiency costs of a tax: A tax causes a deadweight loss to society, since less the g
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