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1. What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities? 2. What are
Production having Two Outputs -Economies of Scope * Economies of scope exist when joint output of a single firm is greater than the output which could be achieved by two diffe
Price elasticity of supply: It is the responsiveness of quantity supplied of a commodity to a change in the price of the commodity and measured as percentage change in quantit
conditions for an abnormal supply curve
what is marginal costs?
to what extent are interest rates determined by the economic theory
Risk Neutral - A person is a risk neutral if they show no preference between certain, and an uncertain income with the same expected value.
BALANCE OF PAYMENTS AND PROBLEM OF DEFICITS: The principal tool for the analysis of the monetary aspects of international trade is the balance of international payments set
state 3 major assumptions which a production posibility is based
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
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