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what is traditional economy 2 features of traditional economy
THEORY OF CONSUMER SURPLUS: We discuss the basic concept of consumer surplus and its derivation. A consumer normally pays less for a commodity than the maximum amount that she
Assignment: Externalities •Consider the following scenario: The city council has just approved the construction of a water park in your town. As city economist, you are responsible
Disposable Personal Income The amount of cash remaining after taxes are removed that an individual has the opportunity to spend.
Explain the effect of increased money supply on bond prices
meaning of economics laws
Laspeyres index The Laspeyres index tells us that: - The amount of money at present year prices which an individual requires to purchase bundle of goods and services which w
What is the theory of Second Best? Prove the theorem with the help of a diagram.
how to draw a table of the demand and supply scdule
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in terms of pr
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