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(a) Explain why the Pareto criterion does not provide a complete ordering of the ordinal utility space (b) The competitive equilibrium is the only allocation where the gain
(a) Differentiate between a command economic system and a laissez-faire. (b) Assess to what extent it is advantageous for an economy when it moves from a controlled to a free-e
how do minimum units cost change with changes in fixed cost
(Cost minimization) a) What are the expressions for the marginal product of every of the two inputs in producing credit hours? b) What is the expression for the marginal r
The market structure in the south African mobile telecommunications industry
1. Suppose that Mr. John has the following Cobb-Douglas utility function U = 6X^2/3y^1/3 the market price of X and Y commodity are $1 and $2, respe
Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
What is the difference between decreasing marginal returns and negative marginal returns?
explain economic growth
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