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Ask quesIn your own words describe how a market would adjust in situations of: a) Excess Demand b) Excess Supply c) Equilibrium As a follow up you might think about what effects
Normal profit: Normal profit is when total revenue is exactly equal to total cost when the latter includes both explicit costs. It is the type of profit when made by firms in
sir explain me about all things of microeconomics
IMPLICATIONS OF FAILURES OF POLICY IMPLEMENTATION: Given the phenomenon of policy failures, as indicated above, one often comes across the view that places the blame for these
summary of general equilibrium
When does deadweight loss occur to society? Applying consumer and producer surplus the efficiency costs of a tax: A tax causes a deadweight loss to society, since less the g
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
The cross elasticity of demand calculates the responsiveness of the quantity demanded of one product to alters in the price of another product. For example, the quantity demanded
Diseconomies of Scale A rises in a firm's cost of producing an additional unit as all another factors of production rising. Diseconomies of scale can be caused by poor and ine
suppose either computers or televisions can be assembled with the following labor inputs: units produced: 1 2 3 4 5 6 7 8 9 10 total labor used: 3 7 12 18 25 33 42 54 70 90 Draw th
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