Define the generality of economic theory in modern economics, Microeconomics

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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 environments, economic institutions and individuals’ behavior. The more general such assumptions are, the more powerful, helpful, or significant the theory which comes from them is. The common equilibrium theory is considered this theory.

Demand pull inflation and cost-push inflation, Demand Pull Inflation and Co...

Demand Pull Inflation and Cost-Push Inflation: Demand Pull Inflation: It describes a sustained increase in the general price level that is caused by a permanent increase in n

Quantitatif method, When the demand function is 2Q - 24 + 3P = 0, find the ...

When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3.

theory of profit

Sales revenue maximization model , What are the major differences between t...

What are the major differences between the equilibrium of profit maximiser and sales revenue maximiser?

Indirect utility functions, Indirect Utility Functions: Let qi denotes...

Indirect Utility Functions: Let qi denotes commodity i and pi is the price of that commodity. Let y denotes money income of the consumer. Suppose vi = pi/y. The budget constra

Explain variations in geographic immobility, Wage Differentials: Market str...

Wage Differentials: Market structure alone does not account for all of the differences in wages and employment. Market wage differentials arise from various other sources, includin

Market price of pine sol, 1.  Clorox lowers the price of its GreenWorks TM ...

1.  Clorox lowers the price of its GreenWorks TM bathroom cleaner.  All other things remaining the same, choose how you think this will impact the market price of Pine-Sol. (Circl

Short run equilibrium - perfect competition, Short run equilibrium - Perfec...

Short run equilibrium - Perfect competition: In the short-run, the perfectly competitive firm maximizes its profit by producing output where MC=MR=P. This is shown in the diag

Organic protons and electrons, Organic biochemistry is really as well as bi...

Organic biochemistry is really as well as biochemistry. This is because the as well as atom is the central source of all existing creature's substances. 8 protons and 8 electro

Determine he combined production of fiber optic cable , Graph the following...

Graph the following example and answer the questions: The United States and Japan only produce two goods.  They have the same fixed resources and they are equally efficient, and bo