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Organization for Economic Development (OECD)
An international organization found in Paris France in 1961, to act as a worldwide forum to stimulate world trade and economic development. The OECD's membership consists of the world's developed countries like Austria, Australia, Belgium, Denmark, Canada, France, Finland, Greece, Iceland, Ireland, Italy, Luxembourg, Japan, the Netherlands, New Zealand, Spain, Norway, Sweden, Portugal, Switzerland, Turkey, United Kingdom and last is The United States.
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price floor of $20 is set, what will be the size of the resulting surplus?
The theory of consumer's behavior seeks to explain the determination of consumer's equilibrium. Consumer's equilibrium refers to a situation when a consumer gets maximum satisfacti
In the national income analysis, investment refers to the value of than part of the aggregate output for any given time period which takes the form of construction of new structure
Using the National Output for Calculating National Income A final method which is more direct is the "output method" or the value added approach . This involves adding up
When is production profitable according to price-taking firm at profit, break-even or loss? Production profitable at profit, break-even or loss: a. When TR > TC, in that cas
Marginal Cost This is the increase in total cost resulting from the production of an extra unit of output. Thus, if TC n is the total cost of producing n
Properties of Indifference Curves An indifference curve is usually convex to the origin. Indifference curves slope downwards from left to right. A set
In a one-shot game, if you advertise and your rival advertises, you will each earn RM5 million in profits. If neither of you advertises, your rival will make RM4 million and you w
POPULATION SIZE AND DEMOGRAPHIC TRENDS a. Changes in Population The people of a country are its consumers. They provide the labour force for production. A study of
CHARACTERISTICS OF THE THREE STAGES Stage I Here the Total Physical Product, Average Physical Product and Marginal Physical Product are all increasing. However MPP
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