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A country s choice among the production of education and nuclear submarines is an issue of opportunity cost. Explain the issue using a PPF. Resources are limited whereas
impact of computer technology on nigerian economy
Question: i) Explain the main problems with government intervention. ii) Why and how do governments seek to control monopolies? iii) A country should specialise in the pr
In this part, use the results for market demand for short-run and long run market supply of good x1 obtained in parts one and two. When a change (e.g. income or taxes) is introduce
Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.
Explain about the optimal consumption rule. The optimal consumption rule: While a consumer maximizes utility, the marginal utility per dollar spent should be similar for all
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Define the generality of economic theory in the modern economics. Generality of Economic Theory An economic theory is based onto assumptions imposed onto economic environmen
a) Examine at least three (3) possible areas for the industry that could lead to transaction costs, and describe each in detail. b) Speculate about the behaviour that could
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
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