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Neoclassical economics is dominant approach to economics currently taught and practiced in most of the world (and particularly dominant in Anglo-Saxon countries). It attempts to explain behaviour of the economy on the basis of competitive, utility-maximizing behaviour by workers, companies and consumers. Their actions in the markets for both factors of production and final products willmake sure that all available resources are fully utilized (which is, economy is supply-constrained) and each factor is paid according to its productivity.
(a) Differentiate between a command economic system and a laissez-faire. (b) Assess to what extent it is advantageous for an economy when it moves from a controlled to a free-e
1. Let's get some practice plotting budget constraints. On the graph below, plot the budget constraints when: a. (Use Black): P x = 57,P y = 18, and M = 342. b. (Use Blue):
to prepared a projects
when does price and output determined in the unregulated monopoly
draw demand curve for a-phone explain how the graph, price ,and quantity demand will change if there is an overall increase in income.
if nominal GDP in 2002 exceeds nominal GDP in 2001, did real output rise?
Explain how the price system eliminates a shortage. A deficiency means that quantity demanded is greater as compared to quantity supplied. This will lead to upward pressure on pr
how do i use the grid technique to determine the least cost
if a monopolist makes economic profits, new firms enter the market and compete with the monopolist in the long run.
graphical illustration describing the influence of an increase in immigrants on the market supply of labour
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