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Describe the role of money in a modern economic system. Does this simplify or complicate matters? Explain.
1. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current
a) Explain the perverse incentive. b) What makes the incentive perverse? c) How could the incentive makers better the incentive?
what is the application of consumer surplus
The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. What would answer be
how does pp curve solve the problem of how to produce, what yo produce, and when to produce?
why diminish MRS?
how can we solve central problems of economy in different econmy?
firm''s product sells for Rs.200 per unit in a highly competitive market. The firm produces output using capital (which it rents at Rs.7500 per hour) and labor (which is paid a wag
What do you mean by the utility function? The Utility Function: Sometimes this is easier to work directly along with the preference relation and its connected sets. Althou
What is Hybridization? Atomic orbitals can be combined, in a process called hybridization in chemistry , to describe the bonding in polyatomic molecules. Descriptions of the b
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