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1. What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities? 2. What are
keynsian cross model
Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
functions of taxes
Learning curve implies: 1) The requirement of labor falls per unit. 2) Costs will be high at 1 st and then will fall with learning. 3) After eight years the labor requ
schedule and diagram of iso cost
in the case of a decline in velel of private investment spending, why the effect on equilibrium output exceeds the magnitude of the initial shock? also, what are the effects of th
explain main features of short run engineering cost theory
elasticity concept in policy formulation
#questioIn many metropolitan areas of the country, local governments often impose rent controls on apartments. The justification for doing so is that the current market rent is con
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