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Question: Product differentiation and entry/exit Two differentiated goods, apples and oranges, are located at the two extremes of a linear product space (a segment of length 1)
what is the theory of second best ? prove the theorem with the help of a diagram ?
describe returns to scale and give examples of each.
Problem: (a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society. (b) Distinguish bet
What is the marginal opportunity producing the first unit of paper? The marginal opportunity cost of producing the forth unit of paper?
discuss whether marginal utility is a realistic piece of economic analysis in explaining consumer demand
Surplus The surplus is a condition under that supply for a good or service is in excess of the demand for that good or service. When this happens, there is commonly a reduction
What does the IS-LM framework mean? The IS-LM model helps us to understand the two opposing theories. The IS (investment/saving) curve shows equilibrium in product markets. Th
Deficiency of Vitamin A Deficiency of Vitamin A has been found to impose adverse effects on roughly one third of the children below the age of five around the world. It has also be
relationship between total utilities and marginal utilities
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