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1). Define and explain the concept of an externality. Provide examples of both positive and a negative externality. 2). The Prisoner's Dilemma Exercise:
1. Seller has ample time to adjust to price change. 2. Buyer's response to small price change is significant. 3. Buyers are faced with many options when deciding to make a
There are different reasons for state trading. Important reasons are given below. (i) State may directly buy the goods required by the various government departments and agencie
Q. Explain Function of Central Bank? Central Bank: A public financial institution, generally established at the national level and controlled by a national government that sets
explain the concept of producers'' equilibrium
What is the distinguishes a progressive income tax, from a proportional income tax, or a regressive income tax? A proportional income tax takes the similar percentage of a pe
Illustrate the measurement of inputs and outputs in production technology? Measurement of Inputs and Outputs in Production Technology This is generally most satisfactory to
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consumer equilibrium by indiffrence curve approach
Question 1: a. What is the supposed rationale for subsidising higher education in various developing countries? b. Do you think there is a legitimate rationale to the abov
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