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Types of budget: Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by
law of diminishing returns
Production Process: Production is a process that transforms factors of production or inputs into output of goods and services. Production may be classified into extraction, ma
In a competitive market, the market demand is Qd = 150 - 5P and the market supply is Qs = 5P - 10. As a result of a price ceiling imposed at $14, the new consumer surplus and produ
Define Disposable Incomeand dumping Disposable Income : The amount of income left after as deductions as income tax, pension contributions and national insurance. More genera
Inflation And Unemployment: Inflation describes a persistent and an appreciable increase in the general price level. The inflation rate is measured as a percentage change in a
Demand Pull Inflation: It describes a sustained increase in the general price level that is caused by a permanent increase in nominal aggregate demand. Simply, is can be view
1. Igora's pizzeria want to know if it should stay open this spring. Total Revenue will be $ 12,000 per week and Total Cost will be $ 18,000 per week. The fixed cost of running the
1) Describe (with an example) how trading can lead to an increase in world output if countries specialize in the good in which they have a comparative advantage. How does the intr
prove the theorm with the help of diagram
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