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What is the difference between 'scarcity' and 'shortage'? 'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce go
Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.
explain and illustrate the changing demand for big mac using indefference curve and budget line
My current car gets 10 miles to the gallon and no resale value, but it will last 5 years for sure. I can always buy a new car for 8000 dollars that gets 20 miles to the gallon. A g
Q. Define Debt? Debt:Total amount of money owed by a company, individual or other organization to banks or other lenders is their debt. It represents accumulated total of past
differential rents..
The benefits of increased openness in trade. Narrowly defined, trade openness is lowering trade barriers - facilitating increased imports - whereas focusing on international ex
Q. Can you explain about Counterfactual? The ‘base case' or counterfactual is a statement of what could have happened without policy intervention, or if the policy intervention
Severe drought hit the coffee industry hard this year; as a result, more people are now switching to tea. The first table below shows the original supply and demand quantities in t
TRADE policy: The well known economist D. H. Robertson has immortalized the role of trade in development with his famous statement that "trade is an engine of growth". The pol
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