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What is methodological economics? how its significance, Describe use of methodological economics...
Suppose the total demand for wheat and the total supply of wheat per month in a market are as follows: a. What will be the market or equilibrium price? What is the equilibrium q
There are six potential customers of computer games, each willing to buy only one game Consumer 1 is willing to pay $40, Consumer 2 is willing to pay $35, consumer 3 is willing to
would a rational producer be concerned with the average or marginal product of an input in dec
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Define Average Total Cost and Average Variable Cost Average Total Cost: The amount spent on producing every unit of output. The average cost is calculated by dividing the t
what is the indirect utility/
TC = Q3 – 8Q2 + 68Q + 4, get the median and mode
discuss whether marginal utility is a realistic piece of economic analysis in explaining consumer demand
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
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