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What is Game Theory?
Game Theory is a mathematical method of decision-making in which a competitive situation is examined to verify the optimal course of action for an interested party, often used in political, economic, and military planning. It is also known as theory of games.
Define the generality of economic theory in the modern economics. Generality of Economic Theory An economic theory is based onto assumptions imposed onto economic environmen
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. The narrowness of the definition of the commodity
They take deposits which mean borrow money and make loans which means lend money. The interest rate they pay on the deposits is less than the interest rate they charge on their loa
Diffrence between price and Income elasticity of demand: Own price elasticity of demand is the degree of responsiveness of the quantity demanded of a commodity to a change in
Problem 1: i) ‘There is a trade-off between inflation and unemployment.' Do you agree with this statement? Justify your example using appropriate diagrams. ii) Mauritius is
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Define the production terminology in short. Production Technology: Production is the procedure of transforming inputs to outputs. Characteristically, inputs consist of labor
Policy: Post-Communism Demolition of the Berlin Wall and take-down of the Iron Curtain hasn't significantly improved the situation in what are optimistically and euphemisticall
Balance of payment: It is an account that summarizes a country’s total payments and total receipts from international economic transactions within a specific period usually on
Draw a diagram to show the type of bond between two flourine atom
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