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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.
Diseconomies of Scale A rises in a firm's cost of producing an additional unit as all another factors of production rising. Diseconomies of scale can be caused by poor and ine
distinguish between Isocost and Isocline
1. Consider an individual facing a wage rate w . There's a total of 100 hours available for work or leisure in a week. (a) Represent his budget constraint graphically (b)
Economic policy efficiently: The reason for poverty and misery in the developing countries is not essentially the lack of potentialities or resources, human or material, but t
Capital: Broadly defined, capital represents tools that people use when they work, to make their work more efficient andproductive. Under capitalism, capital can also refer to a su
What are the properties of the profit function? Properties of the Profit Function: The properties specified below follow solely by the assumption of profit maximization. No
GIVE EXAMPLES OF EACH OLIGOPOLY MODELS FROM REAL LIFE
Criteria of a Good Forecasting Method: 1. Simplicity : and Ease of Comprehension: Management must be able to understand and have confidence in the techniques used compli
Assume that the market equilibrium rent for two-bedroom apartments in Santa Monica, California is $1500 per month and the quantity is 40,000 units. The city council of Santa Monica
Dynamic Changes in Costs: The Learning Curve * The learning curve measures impact of worker's experience on costs of production. * It describes relationship between a firm
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