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What is ceteris Paribus?
Ceteris paribus is a Latin phrase, literally translated as "other things the similar," and usually rendered in English as "all other things being equal." A prediction, or a statement about causal or logical connections among two states of affairs, is qualified by ceteris paribus in order to acknowledge, and to rule out, the possibility of other factors which could override the relationship among the antecedent and the consequent.
Elasticities of supply and demand Other Demand Elasticities – Income elasticity of demand calculates the percentage change in quantity demanded resulting fro
explain how microeconomic and macroeconomic issues may be represented using the production possibility curve
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What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities
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define cost its types with curves
Question 1: (a) Using examples, explain how the theory of Purchasing Power Parity conforms to the Law of One Price. (b) According to you, how best does the Theory of Purchasing
A firm is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do?
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