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EDPE 4056: Applied Microeconomics Program in Economics and Education Teachers College, Columbia University Prof. Francisco Rivera-Batiz Problem Set 1 Please answer all of the fol
Explanation
Problem 1: a. Briefly explain and distinguish between a centrally planned, laissez-faire and mixed economy. b. According to you, which type of economic system is most desira
1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
THEORY OF REVEALED PREFERENCE: If consumer's taste and preferences do not change, then observation of her market behaviour or, actual act of choice between the commodity sets
GDP Growth, Employment and Poverty: The advocates of economic reforms point out that the reform process has the potential of accelerating economic growth. After the teething t
how does economics bridge the gap between economic teory and practise
#suppose EEPCO is amultiplant monopolist with two plants: Gibe plant and Fincha plant. The operating costs of the two plants are: Gibe plant Tc1=10Q^2 and Fincha plant TC2=20Q^2.
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
Question 1: (a) The Mauritian government is now increasingly involving the private sector in the development of the economy. How can government support effective private secto
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