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Types of budget: Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by
The demand curve for gasoline is P = 200 - 10Q. a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price change
What is average revenue and average revenue curve Average Revenue: The average revenue is the total revenue separated by the level of output. It is therefore the price.
application of indifference curve analysis to the problem of exchange
Identify the four essential economic activities. The four main economic activities are: a) resource maintenance, b) production, c) distribution, and d) consumpti
What is the Macroeconomics? Macroeconomics is study about the aggregate behavior of the economy like how the actions of all the individuals and firms within the economy intera
FOREIGN TRADE: Interdependence between the economies of the world has increased multifold. External sector in the economy has gained primeimportance. Both exports and imports
Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res
Explain about the integrability problem. The Integrability Problem: Provide a system of demand functions x(p, m). Is there essentially a utility function by which such deman
Formal and Informal systems - MRP System Most production systems are full of 'pushes' and 'pulls'. The formal system issues orders, ie 'pushes'. The informal system tries to
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