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If producers expect future prices to enhance, current supply will decline in favor of selling inventories at higher prices later. In other words, supply will reduce (a shift to th
REAL BUSINESS CYCLES: The extent of this module is partly indicated in the title. It is about real business cycle (RBC) theory. In addition, it exposes you to New Classical Bu
Economics- Definition Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people. Microeconomics h
the price elasticity for gizmos is known to be 1, if sellers of gizmos increase their
Defining black economy, If you pay your cleaner or builder in cash or for some reason neglect to tell the taxman which you were paid for a service rendered, you participate in the
concept of narrowness in pure economics
In an industry with two firms, represent the outputs for these single product firms as q 1 and q 2 . The two firms decide to form a cartel and set their levels of output to maxim
construct your own version of a production possibility curve and use it to explain scarcity, opportunity cost and choice
What is the Adam smith view of "invisible Hand"? Invisible hand is an unknown power which is working for the interest of total economy. In any economy, everybody cares for his
The outer shape of a football can be described via the following equation Using Matlab, plot the outer shape of a football in red or orange using a line widt
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