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what is microeconomics
1 Differentiate between a firm and a market. 2 Graphically illustrate (i.e. draw) and explain the relationship between the market demand curve and the individual firm's demand c
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
Example of a cost function
define law of demand
Manpower-Population Ratios In this technique, manpower will not be planned for the economy as a whole. It will be planned for sectors or sub-sectors of an economy. For instanc
Price System: Demand is the quantity of a commodity that consumers are willing and are able to buy at a given price at a given time period when all other things remain the sam
Is it possible for a firm to be both Price taker and price maker? A firm can either be a price taker or a price maker. It cannot be price maker and price taker at the similar
Structuralist Economics:Its a form of heterodox economicsthat emphasizes relationships betweenincome distribution, effective demand and political and economic power. Structures:
Inflation Types Inflation is generally classified on the basis of its rate and causes, while rate-based classification of inflation refers to the severity of inflation or how h
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