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Why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape?
The curve is bowed-out because some resources are better suited for the production of one good (e.g. butter) rather than the other (e.g. guns). And as we try to produce more and more of the other good (e.g. guns), it takes enhancing amounts of resources to do so and therefore we incur increasing opportunity costs.
One of the main tenets of economic analysis is that people act in their own narrow interests. Why, then, do people leave tips in restaurants? If a study were to compare the size of
What is the difference between merchantilism and absolute theory?
An advantage of observing statistics from this range is that it encapsulates both positive and negative performances of the economy helping to produce a much more accurate insight
Assuming that the expectations theory is the correct theory of the term structure, calculate the interest rates in the term structure for maturity. Next, plot the resulting yield c
Design a hypothetical ideal randomized controlled experiment to study the effects of hours spent studying on performance on microeconomics exams. Suggest some impediments to implem
Q. Define Nominal wages? The nominal wage is wage per unit of time in the currency used in the country- what we usually just call wage. When we mention wage in macroeconomics w
Use the following data on a firm's total cost schedules to calculate its average variable cost, average fixed cost, average total cost, and marginal cost schedules. Output Total
compute: credit multiplier, maximum change in the money supply
when domestic currency becomes more valuable in terms of foreign currency, the domestic currency is said to have
discuss mec
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