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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.
what is walrasion equilbrium
What is Diverstification?
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1. Moving from an economically inefficient to efficient allocation of resources will necessarily increase benefits by more than costs. 2. There are two demand curves for a pri
What is the difference between GDP and GNP? Gross domestic product (GDP) is the value of the total final output formed inside a country, during a given year. GDP, like all mea
Arc Elasticity is defined below: Arc elasticity measures/calculates the "average" elasticity between two points on the demand curve. The formula is simply given as (change in q
Discuss how the opportunity cost principle influence a supplier''s decision to supply labour
two countries workland and playland have similar population and identical production possibilities curves but diffrefences . the procuction possibilities combination are as follows
Assume you see that two macroeconomic variables are correlated with each other. But you want to know if there's an underlying or causal relationship between the two variables. Wo
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