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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.
What is the optimal consumption bundle and marginal utility per dollar? The optimal consumption bundle is the consumption bundle which maximizes a consumer's total utility sp
1. Consider a model economy with a production function Y = K 0.2 (EL) 0.8 , where K is capital stock, L is labor input, and Y is output. The savings rate (s), which is define
List and describe the determinants of the price elasticity of demand and of supply.
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How to I calculate the break-even point per unit in dollar amount and then determine whether there will be a profit or loss? Such as if the fixed costs were $75000. The variable co
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Reasons for International Trade?
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COST benefit analysis Costs that are applicable in the project and the benefits that are associated with it are as follows: Risk occurs at different levels. It takes pl
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