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What is economics about?
Economics:
Economics is a social science which studies individuals’ economic behavior, economic phenomenon, ands also how individual agents, as like consumers, firms and government agencies, create trade-off choices which allocate restricted resources with competing uses.
People’s desires are infinite, but resources are inadequate, thus individuals must make trade-offs. We require economics to study this basic conflict and how these trade-offs are best made.
2ALBr3+3K2so4--->6KBr+1Al2(so4)3
crumble corporation produce biscuits. here the relation between the number of workers and output
Government Production: Some production in the economy is undertaken directly by governments (or several kinds of government agencies) in order to meet public requirements (as disti
what are the limitations of economies of scale?
Purchasing Power Parity (PPP): The exchange rate is determined by the relative purchasing power of currency withineach country. For example, if a product X costs Rs. 100 in I
Yao''s weekly demand for basketballs is given by Qd = 3-P^2 where P is the price of basketballs. At the current price, Yao''s demand for basketballs is unit elastic. What is the cu
Arbitrage pricing theory is between one of two influential economic theories of how assets are formed or priced in the financial markets and the other model is the capital asset pr
a description of engineering production function
(1) The demand curve for oranges is given by the equation P = 5 – Q/200. The supply curve is given by P = Q/800. Q is measured in oranges per day and price is measured in dollars p
a) Consider the following flows (in thousand of people) between the various labour market states in a particular month: UE = 240 000; UNLF = 180 000; EU = 190 000; NLFU = 220 000
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