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What is the distinguishing characteristic of institutions in the public purpose sphere?
The distinguishing characteristic of institutions in the public purpose sphere is that they exist to serve the common good for a group larger than an individual or family, and do not have the goal of making a profit.
why society has chosen the mixed economy
Perfect competition: Perfect completion refers to the market structure in which there are a large number of relatively small firms, each firm having freedom of entry into and
Illustrate the roles of mathematics in modern economics? Roles of Mathematics in Modern Economics: Mathematics has become a significant tool into modern economics. Mostly
Tuan lives in a town with only one movie rental store. Suppose Tuan’s demand for movie rentals per month is Q = 16- 2P . The movie store currently charges $5 per movie, but is thin
how slustky equation provides neat analytical expression for substitution and income effect?
Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
What are expansionary and contractionary effects? Expansionary effect refers to the effect of raising the equilibrium level of national income. For example, an increase in gov
Gross Domestic Product, Deflator: A price index that adjusts the overall value of GDP according to average increase in the prices of all output. GDP deflator equals the ratio of no
Disadvantages of division of labour: Division of labour may also have disadvantages that may include the following: (i) Lack of Craftsmanship Division of labour does not m
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