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Money market: The money market is a market of short-term loans. It consists of financial institutions having surplus fund to lend on short-term basis, and those wishing to bor
Problem : (a) Describe the law of demand and the factors affecting demand. (b) llustrate and Explain how demand of a commodity will change if there is a tax on that product
Edge Act A federal law passed in 1919 that are available national banks to accomplish foreign lending operations through federal or state chartered subsidiaries called Edge Ac
What is the theory of second best? Prove the theorem with the help of diagram.
What does economic theory contribute to managerial economics? Explain
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
Determine the indirect utility function in brief. Indirect Utility Function: The ordinary utility function, u(x), is described over the consumption set X and thus to as the
What is the explanation for SAC to be tangent to LAC?(In other words, why must both be tangent to each other)?
What is the optimal consumption bundle and marginal utility per dollar? The optimal consumption bundle is the consumption bundle which maximizes a consumer's total utility sp
Assume that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is formally set at $16.10 per hundr
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