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Consumer Preferences Indifference curves represent all the combinations of market baskets which provide the same level of contentment to the person. Consumer Preferences
What are the properties of indirect utility function? Properties of the indirect utility function: While u(x) is continuous and monotonic onto R L + and (p, m) > 0, the in
explain the managerial decision areas
Why is the goal of stability and security important to many people? What problems typically emerge during periods of instability? The instability over the business cycle can b
What is GE Matrix?
CONSUMER CHOICE INVOLVING RISK: The traditional theory of consumer behaviour does not include an analysis of uncertain situation. Von Neumann and Morgenstern showed that under
Negative profit FC + VC > R(q) MR > MC Indicates higher profit at the higher output - Question: Why is profit negative when the output is zero? - Outp
reasons for and against free trade with foreign sector
how to calculate growth rate in closed economy
explain budget line?
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