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Is economics an art or a science
John has a utility function given by U(M) = M0.5, where M represents an amount of cash prize in a game. If John wins, with the probability of 0.2, he will get $900; otherwise, he g
"Consider a market with n firms occupied in Bertrand competition. These firms have in common dissimilar marginal costs but any number of them may also have equivalent marginal cost
Cost Sharing in Higher Education - Increasing the Fees A commonly suggested cost recovery method is to increase the fees charged for the courses in higher education. The share
illustrate and discuss the implications of various market structures (competitive and non-competitive) for price determination
Explain Monetarist and Monetary policy Monetarist: A group of economists who believe that alters in the money supply are the most effective instrument of government economi
The Industrial Revolution The century after 1750, saw the industrial revolution proper: invention of steam engine, spinning jenny, power loom, hydraulic press, railroad locomot
i when should continue to produce in the short run
If the MU of the 1st unit consumed = 75 utils, and the TU of consuming 2 units is 130 utils, what is the marginal utility of the second unit?
Illustrate the content in the rational consumer? Content in the rational consumer: a. How to spend income onto goods and services? b. Why maximizing usefulness? c. Wh
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