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Mercantilism:It is an economic theory from pre-capitalist times which held that a country's prosperity depended on its ability to produce large and persistent surpluses in its foreign trade with other countries.
Increasing returns to scale and decreasing returns to scale: Increasing returns to scale occur when increases in all inputs by a certain percentage cause a relatively higher p
edge worthmodel
identify any four other law of demand and give examples
use a graphical illustration to describe briefly what the influence of each of the following be on the market supply of labour,(a) an increase in immigrants, (b) a reduction in wag
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Consumer Choice * Consumers choose a combination of goods which will maximize satisfaction they can attain, given the some degree of budget available to them. * The maximiz
1. Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit? 2. Explain oligopoly's structure and use game t
demand: Qd=100=Px supply: MC=10+1/2Qs assume first that this firm operates in a perfectly competitive market. find the price and quanity in this market.
types of production function
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