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Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W
Determine the Cross Elasticity of Demand Measures the responsiveness of demand for good A to a given change in the price of good B. It is an significant piece of information to
1).Explain a coordination failure. Using the Prisoner's Dilemma example above, discuss coordination failure. 2). What's a Market Failure? Please define the circumstances under w
It is important to understand the important characteristics of monopolistic competition. The knowledge of these features will enable the students to know how this form of market st
what is basing point
what is externalities and market inefficiency
what is economic model and role of assumptions in it.
How does the approach of someone who has adopted the precautionary principle differ from someone with a blind faith in substitutability, when it comes to a non-renewable resource l
Division of labour: Division of labour involves dividing a production process into a number of smaller tasks for each task to be undertaken by a different worker. It may also be
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