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Expected Value - The weighted average of payoffs or values resulting from all the possible outcomes. The probabilities of every outcome are used as weights Expected
Explain consumer sovereignty and why it might not be that extensive in real life. Explanation of consumer sovereignty Use of S/D model to show how changes in consumption pat
The economic model forecasting involves estimating several simultaneous equations which are generally behavioural equation mathematical identities and market clearing equations. T
discuss utility
Long-Run Versus Short-Run Cost Curves What happens to average costs when both the inputs are variable versus only having one input that is variable (short run)? The Inflexi
Find the highest interest rate: There are 2 entrepreneurs, Sally and Paul. The return to their projects are given by: To finance the project, each entrepreneur needs
lung run eqiulibrium
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all information about demand analysis
Balance of payment: It is an account that summarizes a country’s total payments and total receipts from international economic transactions within a specific period usually on
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