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Demand is defined as a schedule of the quantities fo good that will be purchased at various prices similarly the supply refers to the schedule of the quantities of a good that will
conditions for an abnormal supply curve
what is indifference curve''s theory and application
definition
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
prove that marginal utility of x=the price of commodity x.
Analyze the various ways in which property rights encourage economic development and make at least one recommendation for improving current laws. Explain your rationale.
causes of market failure and its solutions?
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities
Insurance - Risk averse are willing to pay to keep away from risk. - If cost of insurance equals expected loss, risk averse people will buy sufficient insurance to totally r
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