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Fiat money is what is regular in modern economic systems. Fiat money is money that is described as legal tender by either a government or some organization with the authority to e
What is market clearing level and public good? Market clearing level is the price level current in the market at which consumer is willing to purchase a particular commodity f
What is indifference curve and its properties?
#q7. Problem-solving question: Use the following data for a firm’s output at various levels of employment (L) to calculate: a) its marginal physical product of labor (MPPL) sched
Define law of supply. Quantity supplied rises as price raises, other things constant. In other words, "Other things being equivalent, when the price of a product rises, then s
Expected Utility: Theory Assume that a utility index exists which conforms to the five axioms. The expected utility for the two-outcome lottery L = (P, A, B) is given by,
Rule of Thumb Method Sir Ashby had been requested in 1960 by the Government of Nigeria to submit a report on manpower development in Nigeria. In doing so, in the absence of re
Below are the two estimated cost functions. describe what type of data was most likely used to estimate each one and why. Explain which is a short- run function, determine the leve
It is necessary for the proper understanding of the price theory to know the various concepts of cost that are often employed. When an entrepreneur undertakes production of a commo
Capitalist Economy: Under capitalist economy factors of production are owned and managed by private entrepreneurs. Production takes place on. the initiative an enterprise of the pe
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