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Perfect competition and monopoly are rarely found in the real world and thus they do not represent, for the most part, the actual market situations. Therefore, the conclusions whic
Question 1: The socio economic development of Mauritius has been marked by growth cycles, representing different approaches adopted by Government to meet the internal as well
Define the Policies of Education Universal education--particularly universal education of girls--pays a two-fold benefit. Investments are more likely to be productive with a be
how has the haberlers theory of opportunity cost an improvement over the classical theory of trade
The basic concepts of price theory
Perfect competition: The behaviours of firms in perfect competition. It should be noted that firms that fit into perfect competition model are very rare in real-life situation
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
The law of supply is that producers will supply more the higher the price of the commodity. The supply curve is an upward sloping function showing a direct relationship among pric
It is necessary for the proper understanding of the price theory to know the various concepts of cost that are often employed. When an entrepreneur undertakes production of a commo
The government has undertaken a highway bridge project that was originally projected to cost $2 million and provide benefits of $2.5 million. Unfortunately, the costs have been mu
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