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Explain what the phrase “price rationing” means. Price rationing is the method by which the market system assigns goods and services to consumers while quantity demanded exceeds
Curvature of the Iso-quant: An iso-qunat is convex to the origin. This is so because as more and more units labour are employed, the producer would prefer to give up less and
Explain about the optimal consumption rule. The optimal consumption rule: While a consumer maximizes utility, the marginal utility per dollar spent should be similar for all
Discuss the impact of rational self-interest on each of the following decisions
defination,characters,examples,graphs,share,effort
what are the types of microeconomic analysis?
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
The minimum wage was increased in 1996 amid cries by various economists that it would cause unemployment. Critics shown that the last time the minimum wage went up the si
The owner of the sole stage-theatre in the city of Vordervilla has found through experience that the cost of running his 600-seat theatre remains virtually the same irrespective
Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assume the
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