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What are the "three basic economic questions" that economists often address when examining how much economic output is formed?
The three basic questions are:
a) what is produced,
b) how is it produced, and
c) for whom is it produced.
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
Type of total outlay
Solve equation P=200-Qs and Qs=4.5p +5
Depreciation: This signifies the loss of value from an existing stock of real capital (for an individual company or for whole economy), reflecting normal wear-and-tear of machinery
Can marginal cost be constant? If so, does this mean that marginal cost are equal to average variable cost?
The Budget Line The line BB gives the persons budget constraint. It is described by the linear equation c + wl = w; which can be rewritten as c = w - wl: The budget li
Reasons for development planning: To maximize the utilization of economic resources: The resources of any nation are not always enough for her use. In this wise, resources mus
sources of oligopory
Maurice has the following utility function: U (X; Y ) = 20X + 80Y ?? X2 ?? 2Y 2 where X is his consumption of CDs, with a price of $1, and Y is his consumption of movie videos, wit
Discuss two factors that would increase demand for labortion..
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