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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.
Assume you go to the market to buy apples (x1) and oranges (x2) and discover that the price of apples is 1 euro per unit and the price of oranges is 1 per unit when you buy less th
explain how scarcity impacts choice 2.expain the three steps process in economic analysis
Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o
Demand for Risky Assets * Assets - Something which provides a flow of money or services to its owner. - The flow of money or services can be explicit or implicit . *
Lynne’s income is $2, 000 and she is risk averse. The probability of someone slipping on her stairs is 1 8 . If this happens, she will be sued for $1, 000 and will have to pay that
the prevalence of excess capacity is the direct consequence of the existence of monopolistic competition
Low standards of living: In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifest
This research will follow the methodology of econometrics; Chao, 2005; Castle & Shephard, 2009): 1. Specification of the model using a specific stochastic equation, together wit
what is aridge line and significance in economics.
Ask questi‘Social welfare functions embody a normative conception of the relative importance of equity and efficiency’. With the aid of diagrams, illustrate and explain this propos
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