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What is the difference between economics and business?
Economics is the study of how we, the people, engage ourselves in production, distribution and consumption of goods and services in a society while; business is conducted to earn profit for our own use. Whatever we do to earn our livelihood is known as our business.
Assume that the market for lamb is perfectly competitive. Using an appropriate model (or models) illustrate and explain a. How a competitive market arrives at equilibrium
1. The figure below is historical production data from the Kuparuk River field. The OOIP is 5,332,979 Mstb and cumulative recovery through 12/31/2004 is 1,971,200,654 stb.
Cropping Pattern Over Time: The dominance of food crops and among food crops that of rice and wheat only states the existing cropping patterns. It is important to study the tr
For the purposes of economic analysis, a normal profit contains the cost of the lost opportunity of the next best option allocation of the firms resources. In a purely competitive
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central problems of capitalist economy
In the context of managerial economics how do you explain a rational producer. Illustrate giving example covering different dimention.
critically evaluate the two main utility theories
what is externalities and market inefficiency
explain diagramatically Bain''s limit pricing mode
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