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The prevention of major swings in economic activity can be handled most easily by the
Long run equilibrium - Perfect competition: In the long-run, on the other hand, the firm in perfect competition is making normal profit or zero economic profit as shown in Fig
What is Laffer curve The Laffer curve is named after Professor Art Laffer who suggested that as taxes enhanced from fairly low levels, tax revenue received by the government wo
What are the determinants of income elasticity of demand? There are three determinants of income elasticity of demand. These are: Degree of necessity of a good: In a developed
Rationale for government intervention There are six major functions the government can perform in an economy. 1. The government provides a legal and social framework within which
Ask questiowhat are the importance of the branches of economics
A " properly mixed strategy " means a mixed strategy that does not assign all the probability to one pure strategy. In other words, it is not a pure strategy. Consider a simultaneo
illustrate and discuss implications of various market structure(non competitive and competitive) for price determination
Discuss about the evaluation step in analytical frameworks. Evaluations: The fifth step into studying an economic step is to estimate outcomes resulting through the under
Establish relationship between production and cost for a firm operation in perfect competition market in case of i phone
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