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Neoclassical economics is dominant approach to economics currently taught and practiced in most of the world (and particularly dominant in Anglo-Saxon countries). It attempts to ex
explain why policies for promoting market competition are desireable
The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
what is consumer''s choice involving risk.preference toward risk.
what are the properties of cob-douglas production function
what is Scitovsky Contour ?
the basics in micro economics
Marvelous Marvin spends his money on muffins (m) and a composite good (c) (whose price you may assume is $1 throughout this problem). Marvin's utility is U = m + c and his income (
What does the basic neoclassical, or traditional, model of economics assume about markets? It supposes that markets are perfectly competitive and smoothly functioning, and thos
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