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why constant return to scale is important
Functions
Inflation is not possible under the gold standard.” Is this statement true, false, or uncertain? Explain your answer.
Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest
When is the economic theory useless? One misunderstanding is to under-estimate the role of an economic theory. Several people thought an economic theory useless since they thin
1. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current
what is equilibrium
How is consumer utility calculated?
example of cournot model
advantages and disadvantages
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