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use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
why society has chosen the mixed economy
Determinants of quantity supplied of a good The quantity of supplied of a product is influenced by factors such as the market price of the commodity, prices of inputs, techno
why does economist agree or disagree?
1. Sam Smith owns an internet radio company that has subscribers in Houston and Dallas. The demand functions for the 2 markets are: Q(Houston) = 50-0.35P(Dallas) Q(Dallas) = 80-0.
explain abnormal profits and normal profits
A firm in a perfectly competitive product market takes the price of the product as given. Similarly, a firm in a perfectly competitive factor market takes the price of the factor
Write an objective analysis paper on the economics of outsourcing and insourcing production by businesses. Please make sure you have a thesis (a main point that you are making) and
value of marginal product
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
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