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Under capitalism, most production is undertaken by private companies (of various forms), with the goal of generating a profit to the company's owners. Profit is obtained when company's output is sold, generating revenue which exceeds the costs of production (including labour).
Problem 1: a. Use the circular flow model to explain the concepts of injections and withdrawals. b. Explain the concept of budget multiplier. c. Using the concept of mult
Statistical methods are considered to be superior techniques of demand estimation because: a. The element of subjectivity in this method is minimum, b. Methods of es
Much of undergraduate macroeconomic theory is discussed on the assumption that, in the short run, the expectations of economic agents about the future values of macroeconomic varia
Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W
Definition of Pareto Optimal Allocation
Risk Averse: - A person who prefers certain given income to risky income with same expected value. - A person is careful risk averse if they have a diminishing marginal ut
THEORY OF DEMAND: The consumer behaviour under indifferencecurve approach where it is assumed that the consumer possesses a utilityfunction. The next most important theory th
LONG PERIOD ANALYSIS: Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. H
Suppose that nominal interest income is taxed at a rate of 30%. Calculate the before-tax real interest rate and the after-tax real interest rate if the nominal interest rate is 6%
what is the profit maximising quantity of L
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