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What is the difference between MRTS & MRS?
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):
What are constant returns to scale? Constant returns to scale: A constant return to scale (CRS) implies that doubling inputs precisely double outputs, which is frequently a
an introduction
Using real life examples and the use of the following concepts: Effecient vs Ineffecient and Opportunity cost and increasing opportunity cost
List and describe the determinants of the price elasticity of demand and of supply.
Problem 1: (a) Explain the common set of problems that developing countries usually face. (b) In your opinion, which of the problems described in part (a), are more signifi
The distinction between supply and the quantity supplied is best made by saying that
what is the Theory of second best? Prove the theorem with the help of digram
what is demand forecasting and defines its techniques
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