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What is Modern Economics?
Modern Economics:
Modern economics mostly developed within last sixty years, methodically studies individuals’ economic behavior as well as economic phenomena through a scientific studying technique – observation → theory → observation and by the use of different analytical approaches.
How to find quantity supplied given just the price
We consider two regions A and B. Each market has the same size (i.e. number of consumers) but differs in the willingness to pay for one unit of the good proposed by the firm. On ma
Neutrality: Bureaucracy is apolitical and neutral. Prof. Frocderich mentions the following features of bureaucracy: (i) differentiation of functions, (ii) qualifications for o
explain and illustrate the changing demand for big mac using indefference curve and budget line
Explain how automatic (fiscal) stabilisers may help to lower fluctuations in the business cycle. Definition of automatic stabilisers as built-in to the system in terms of trans
Mathematical Derivation of ordinary demand function: Here we present the mathematical and more general proof of the above result. Consider, again, the initial price income sit
measures to control business cycle
All about matter
What would be a factor that would make the prospects hopeful for overcoming the demand for resources in the future
Normal profit: Normal profit is when total revenue is exactly equal to total cost when the latter includes both explicit costs. It is the type of profit when made by firms in
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