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concept of the law of supply
Suppose that in an economy 100 worker-hours produce 160 units of output in year 1. In years 2 and 3 worker hours are 120 and 130 and units of output are 216 and 260, respectively.
Homework 4 Q1. Suppose a consumer has utility function (u) = xy where x and y are amounts of two commodities that this consumer consume. Suppose this consumer’s income is $120, pri
Expected Value - The weighted average of payoffs or values resulting from all the possible outcomes. The probabilities of every outcome are used as weights Expected
maximum profits will occur at the output level
equation for a demand curve is p=2/q. what is the elasticity of demand if price falls from 5 to 4
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Strong Domestic Economy: We have to realise that healthy export sector can be built up only on a strong and efficient domestic economic structure. A sound domestic economy is
how can we bring in the marginal propensity to consume
How might a firm in an oligopolistic market attempt to increase market share? Explanation of oligopoly; concentration ratio, producer sovereignty Explanation that oligopolie
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