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The Law for Diminishing Marginal Returns - As use of an input increases in equal increments, a point will be approched at which the resulting additions to output decreases
Jane receives utility from days spent travelling on vacation domestically(D) and days
compare and contrast between cordinal and ordinal approaches
what is mrs
1.what is price mechanism? 2.how does price mechanism benefit an echonomy. 3.what are the characteristics of a centrally planned economy?
quesinrent
how pp curve can solve the central problems of an economy?
Elasticity help
assumptions
Example: The Value of Clean Air Air is free in sense that we do not pay to breathe it. Question: Are benefits of cleaning up air worth the costs? People pay extra to buy
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