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POSITIVE AND NORMATIVE ECONOMICS Economics as a social science adopts an analytical approach to the study of changes in economic variables on the actions of human beings. Th
Firm effects are more important the industry effects. What does this mean? Can you think of situations where this might not be true?
Perfect Competition. a. What does it mean for a market to be perfectly competitive? What are the three conditions of perfect competition. What does it mean for firms to be 'p
How do you calculate variable unit costs and total annual costs? Ans) Annual units sold, 1000. Raw materials yearly cost 650. Building rent yearly cost 9000. If sales volume enh
Discuss whether high indirect taxes are best way to discourage smoking
Rate of Growth Every country desires economic growth. A country's economic performance is often judged on the basis of - among other things - the rates of growth it has manage
State the term- - GDP is a flow Lastly, note that GDP is a flow variable and not a stock variable. By a flow variable we mean a variable which is measured in something per uni
Debate between New Classical and New Keynesian economics?
A radiology firm charges $2,000 per exam. Uninsured patients are expected to pay list price. How much do they pay?
Which is a better measure of economic well-being real GDP or Nominal GDP? Ans) Well real GDP takes into account the inflation rate and therefore is more accurate at recording th
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