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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.
Consider the utility function u(x1, x2) = x1x2. (a) Graph the indifference curves for utility levels 1 and 2. (They are symmetric hyperbolas Asymptotic to both axes). (b) Graph the
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Inflation in Germany Once we have monthly data on a price index we can calculate inflation. In most nations, the percentage change in price index during one month is small. So,
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i have an assignment i need it to be done by thursday march the 10th before midnight
Trade-FDI Nexus: Economic liberalization promotes both trade and FDI. FDI could be export-promoting, import substituting or import enhancing depending upon supply and demand f
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what happened to the equilibrium price level in Japan during the early 2000s? How did Japan''s equilibrium price level adjust between the middle of 2008 and early 2010?
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