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State about the prices - Price level
Prices are of great significance in macroeconomics as indeed they are in microeconomics. Though, in microeconomics we are more interested in prices of individual services and goods and such prices are rarely significant for economy as a whole even though there are exceptions (for instance, the price of oil). In macroeconomics we are more interested in how prices change on average. We describe the price level as a weighted average of various different prices.
If p1 is price of gasoline and p2 the price of oil, then 10p1+ p2 is a price level. It is a weighted average of two prices with weights 10 and 1. Generally, price level is defined using many more prices.
Fiscal Imbalance: The persistent rise in resource gap has led to a growing volume of public debt. The central feature that emerges is a serious fiscal imbalance, arising from
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use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
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evaluate each in term of strength and weakness relative to their applicability to asian economy situation or reality ,2. philippines economy situation or reality
explain two theories of economic rent
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Challenges and discussions
Situation is where a luxury is there. There is the snob appeal possibility where the higher the price, the more desired the commodity it. Often people will drive expensive cars, e
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