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what is the use of models in economics?
Explain about the term cost function. Cost Functions This function measures the minimum cost of producing a specified level of output for some fixed factor prices. Likewise
Discuss the possible solutions for private solutions (Coase Theorem) Question 8: Demand: P=100-Q Supply: P=Q MEB= 10 Discuss the possibility of over or under allocations of reso
explain the cobweb model of equilibrium
different types of production funtion and curve given by different economist
Determinants of the price elasticity of demand are explained below: 1. Number of close substitutes present within the market - The more and closer substitutes available in the
Q. What do you meant by Retained Earnings? Retained Earnings: Business profits that aren't distributed to shareholders (by dividends or other pay-outs) thoughinstead are retain
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
Slutsky Theorem - Mathematical Presentation: We already know from the first order conditions of utility Maximisation that, where D ij is the co-factor of the ith ro
Q. Describe Classical Economics? Classical Economics:Tradition of economics which began with Adam Smith and continued with other theorists including Thomas Malthus, David Ricar
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