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There is a joke among economists that children are an "inferior good." In many countries there appears to be a negative relationship between income and the number children in a household. That is to say, higher income households tend to have fewer children than lower income households. Do you think this is true in the United States? Do you think this is true in other countries?
Explain the difference between productive and allocative ( economic ) efficiency. Explanation of productive efficiency, e.g. output at AC minimum Define to the effect th
Explain about the elasticity and total revenue. Elasticity and Total Revenue: a. When demand for a good is elastic, a raise in price decreases total revenue. Then Sales effe
What is the amount of five equal annual deposits that can provide five annual withdrawals, where a first withdrawal of $1500 is made at the end of year six and subsequent withdrawa
Q. What do you mean by yield curve? Yield curve is a graph of interest rates of different maturity (recalculated to yearly rates) at a specific point in time. It's common for t
what is the meaning of the credit multiplier in the monetary sector
Explain the adjustment to the new equilibrium price from an increase in demand.
Define the individual consumer surplus and total producer surplus. Individual consumer: Individual consumer surplus is the net profit to an individual buyer through the purc
What are the social economic and non economic factors? Development is also a procedure involving change in some social economic and non economic factors comprising: • Econom
Q. Illustrate diffrent types of money? In most countries, one may identify two 'types of money': Bank deposits Currency and coins The total value of all th
A recent study of long distance phone calls made from WPU, showed that the length of the calls follows the normal probability distribution with a mean of 3.2 minutes per call and a
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