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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 wants are infinite and the choices made lead to opportunity costs - explained as the next-best alternative given up. The PPF determines the opportunity cost in the movement along the PPF; enhance in submarines has an opportunity cost of an amount of education as societal resources are limited.
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
current rate of gdp
Please write an essay (2-2.5 pages) based on this paper You">http://www.nobelprize.org/nobel_prizes/economics/laureates/2001/akerlof-lecture.pdf You pick one over 6 macroeconomic
what is the assumption of the model ?
Assume that you have a client that is a paper manufacturer and they have expressed concern that the government will pass a new regulation banning the use of chlorine based technolo
what is demand forecasting and defines its techniques
GROWTH OF EMPLOYMENT OPPORTUNITIES: Policy failure refers to situations: i) When the objectives of public policy are attained partially or inadequately or in a distorted
Economic Value to Customer Economic Value to Customer = EVC x = [LifeCycle costs of a competitor's product in relation to a home firm] - [Start-up Costs for the home fir
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Assume that John has the following preference relation over two goods, bread and bear (x1, x2). He strictly prefers any bundle x over y whenever x haves more bear than y, whatever
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