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What are the basic economic institutions?
There are two fundamental economic institutions which have been so far used into the real world are as:
a. Market economic institution (i.e., the price mechanism): Many decisions on economic activities are made through individuals. It primarily decentralized decision system is the most significant economic institution discovered for reaching cooperation in between individuals and solving the conflicts which arise between them. There market economy has been proven to be only economic institution, so far, which can remain sustainable development and growth into an economy.
b. Planed economic institution: Many decisions onto economic activities are made by governments that are mostly centralized decision systems.
Example of a cost function
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List and describe the determinants of the price elasticity of demand and of supply.
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graphical illustration describing the influence of an increase in immigrants on the market supply of labour
if the price of labour is 2000 per hour and the price of capital is 1000 per hour.is there an efficiency point of production.
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