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Expectations played a major role in Keynes' theory of the determination of aggregat output and employment in market economies in the short run. Expectations about future yields on
Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
Why and how are economists attempting to create more accurate measurements of development? The why part is simply because of the complexities built-in to the concept of develop
Aggregate household indebtedness: This is the purchasing power of the sum of money outstanding that households have borrowed and are currently obligated to repay. If household
In theory, we know that a monopolist basis its price directly off of the demand curve, but in practice a monopolist cannot ''see'' the demand curve. Explain how a monopolist might
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How is microeconomics differed from macroeconomics? Microeconomics focuses onto how decisions are made through individuals and firms and the effects of those decisions. For exa
Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
What is Economic Depreciation?
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in terms of pr
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