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Ask question using health care as an example explain how markets fail due to different types of externalities arising from jointness in production and consumption
Define and explain the following economic terms: Economics, Microeconomics & Macroeconomics Positive vs. Normative Economics Law of Diminishing Marginal Utility Opport
THEORY OF CONSUMER BEHAVIOR: It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate
if the marginal production of labor is rising, is the marginal cost of production rising or falling? Briefly explain
Illustrate and discuss the impliction of various market structures(competitive and non-competitive)
example of marginal opportunity cost
do you think that dimnishing returns to a factor are consistent with increasing returns to scale? explain with suitable diagram and reasoning.
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limitations
What is indifference curve and its properties?
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