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Perfect Competition
It's a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any significant way such that the market dynamics are determined almost completely through the forces of supply and demand.
Uses of population census: It is used to determine the size and the growth rate of the population at a country. The helps the government in planning for education, transporta
what is discounting principle?
Since 1990, real income has increased rapidly , yet the average number of children per family has decline ." Three possible explanations for this process are given below.
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What are the advantages of using mathematics in Modern Economics? Many of the advantages of using mathematics are as follows: a. The “language” used and the explanations of
Market intervention by government Government intervenes in various degrees in different countries. Free economy is almost non-existent in the modem world. In real world, the form,
central problems of capitalist economy
The functions of money include; (1) medium of exchange, (2) store of value, and (3) a calculate of worth. Due to money is acceptable as a form of payment for all commodities,
1. Explain how the aggregate supply curve for the entire economy can be derived under; i. Classical assumption ii. Keynesian assumption 2. Explain how equilibrium can be a
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
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