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Explain how the price system eliminates a surplus. The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pr
Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this informat
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when does a buisness reach shutdown point
Jane receives utility from days spent travelling on vacation domestically(D) and days
Explain the Kuhn-Tucker Theorem in economics. Kuhn-Tucker Theorem: Assume that x solves the inequality constrained optimization problem and also satisfies the constrained qu
Marginal Product Theory a. What is the MC of output in the short-run? b. What is the MC of labor (employed)? c. What is the short-run profit-maximizing decision
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
illustrate and explain the changing demand for big mac using the indifference curve and budget line
what is the significance of the Loucas critique in political economy?
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