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Money facilitates market activities and is essential in complex market systems. With money people can avoid the problems associated with coincidence of wants. Between, these problems is the pricing of commodities. Prices stated in the terms of all possible trading goods makes it complex to determine what anything costs. In barter economies hours are spent in negotiating for even easy transactions, these hours are resources that could have been spent on other activities (thus the hours of negotiations are the opportunity cost of a money economy).
define cost its types with curves
#question.case study of bain limt price theory
Allocative Efficiency The production of products and services such that stages of production are closely tied to levels of customer demand.
This problem continues the analysis from question 2. a.Another economic study finds that the marginal cost (MC) to farmers of nutrient runoff abatement is MC = .1Q. Graph this f
#explain bains theory of limit pricing theory
4 models
Steel and aluminum production Steel Canada 500, France 1200 Aluminum Canada 1500, France 800 The maximum amount of steel or aluminum that Canada and France can produce if they full
Demand for Risky Assets * Assets - Something which provides a flow of money or services to its owner. - The flow of money or services can be explicit or implicit . *
#question. what is the underlying reason for the law of increasing opportunity cost?
How do we evaluate the value of money? Supply and demand verifies the value of a currency. If demand is high, the value rises, and vice versa. Factors that affect supply and de
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