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Explain the first-order condition of sufficiency of consumer.
Sufficiency of Consumer’s First-Order Conditions
This first-order condition is merely essential conditions for a local optimum. Nonetheless, for the particular problem at hand, such required first-order conditions are actually sufficient for a global optimum while a utility function is quasi-concave.
what are the limitations of economies of scale?
baumol''s theory
A city government regulates taxi fares. It also limits the number of taxicabs (by licensing), and has not changed the limit on cabs for lot of years. At one time vacant taxis wer
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The Acme Bakery in the seaside resort town of Malvino sells freshly baked bread to two categories of consumers: residents of the town and tourists. The weekly demand from touris
Consider the model of corruption explored by Shleifer and Vishni’s where there is one government-produced good X. There is a demand for that good described by the inverse demand eq
A tax imposed on a market with an inelastic demand and an elastic supply will cause
Meaning of absolute cost difference and comparative cost difference.
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
The production function for a firm is expressed as follows: Q = 800K - K 2 +5KL - 7750L + 10,000 Where Q is quantity of units manufactured, K and L are units of capital and
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