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What are the difference between explicit cost and implicit cost?
Both are concerns to Opportunity Cost and Decisions:
An explicit cost is a cost which involves essentially laying out money.
An implicit cost does not needs an outlay of money; this is measured through the value, into dollar terms, of the advantages which are forgone.
An economy shows the following features C=50+0.9(Y-T) T=100 I=100-5i G=100 L=0.2Y-10i M/P=100 X=20 M=10+0.1Y a)Obtain the IS and LM for this economy b)Find out the equilibrium inc
Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations. The price of input A decreases.
circular flow of national income?
Statics and Dynamics Economic models deal with stock and flow variables. These variables can be in one of the two states - equilibrium or disequilibrium - at a particular poin
Examine two (2) tenets of the mercantilist school. Determine whether you agree or disagree with these principles. Provide at least two (2) reasons to support your answer
Q. Money market in the AS-AD model? goods and the money market in the AS-AD model We begin by studying goods market and money market when prices are no longer constant. Fi
1) Consumption is positively related to stock market wealth but negatively related to taxes and tax rates.
What is the difference between 'quantity supplied' and 'supply'? There is a distinction among supply and quantity supplied. Supply explains the behavior of sellers at every pr
x=40-0.2p where x=x1+x2 c1=50+2x1+0.5x1 c2=100+10x2
Gasoline, insurance, depreciation, and repairs are all costs of owning a car. Which of these can be considered opportunity costs in the context of each of the following decisions?
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