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Describing Risk * To measure risk we should know: 1) All the outcomes which are possible. 2) The probability that each outcome will occur. * Interpreting Probability
Liberalisation of the Economy: Removal of Industrial Licensing: All industrial licensing was abolished but for a shortlist of 18 industries related to security and strategic
What is the theory of Second Best? Prove the theorem with the help of a diagram.
law of diminishing marginal utility its assumptions, limitation, and its practical importance
according to Tobin 1993,examples of Keynesian unemployment includes situation where
Price elasticity of supply – Computes the percentage change in quantity supplied resulting from a 1 percent variation in price. – The elasticity is usually positive as price
an emission fee levied against polluting firms will tend to shift the supply/demand curve of the firm/product to the left/right?
explain why policies for promoting market competition are desireable
I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus
A firm in a perfectly competitive product market takes the price of the product as given. Similarly, a firm in a perfectly competitive factor market takes the price of the factor
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