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Consider a Bertrand duopoly. The market demand is q=190-p. Consumers only buy from the firm whose price is lower. If two firms charge the similar price, they share the market equal
A Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each workers eight hours a day and can produce two washing services: Washing rice bowls and w
What are the factors of the economic sectors? The factors of the economic sectors: • Primary sector including natural resources as like agriculture, fishing, quarrying minin
explain the role scarcity of resources plays in economic decision making
why does the quantity of salt demanded tend to be unresponsive to change in its price?
What is social exclusion? Social Exclusion: Social exclusion arises while people are denied access to goods opportunities taken as normal in a society. In several develo
Does the structure of the population issue? Dependents into an economy, children as well as old people are assists by the economically active. Dependency ratio uses to measure
For the special case when firms are price takers, what is the relation between total revenue, average revenue, marginal revenue and price?
Explain about theories and models linked to development. • There is no one agreed theory of development. All models, as Rostow, provide an insight in one or two dimensions of t
What is urbanisation? Urbanisation arises while an increasing proportion of the population live into cities, suburbs or towns. All cities are attractive to potential migrants s
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