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Define the generality of economic theory in the modern economics. Generality of Economic Theory An economic theory is based onto assumptions imposed onto economic environmen
For the purposes of economic analysis, a normal profit contains the cost of the lost opportunity of the next best option allocation of the firms resources. In a purely competitive
Homer consumes only donuts and beer. When he consumes less than 10 beers, Homer would gladly drink one more. After drinking 10 beers, Homer is so drunk that he does not notice any
Principle Agent Problem [Dealing with hidden action] Assume that the employer (principle) wants its employee (agent) to work hard [You can safely assume that this maximizes th
What is an optimization in the methods of mathematics of modern economics? Optimization is a basic tool for the development of modern microeconomics analysis. Many of economic
What is the graph of the production possibilities frontiers for the American and Japanese economies if American worker can produce 10 tons of grain a year and Japanese worker can p
"Take a monopolist with a constant average cost. The higher is the elasticity of demand at the chosen monopoly price, the higher is the monopolist's profit-to-revenue ratio." Expla
Exchange Rate Policy: After the second amendment to the Articles of Agreement of IMF which came into effect on April 1, 1978, every member is free to choose its own exchange r
In markets, the invisible hand allocates resources efficiently a. in all cases b. when there are positive externalities, but not when there are negative externalities c. when there
Why is the concept of scarcity relevant to both LDC s and MDC s? All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be me
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