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Is there any relation between inflation and unemployment?
The Phillips Curve was a relationship among unemployment and inflation discovered by Professor A.W. Phillips. He found that there was a trade-off among unemployment and inflation, so that any attempt by governments to decrease unemployment was likely to lead to enhanced inflation. This relationship was seen by Keynesians as a justification of their policies. Though, in the 1970s the curve began to break down as the economy suffered from unemployment and inflation rising together (stagflation).
indifference curve and budget line
Assume that a shoe salesman learned the price elasticity of demand for her products is -1.5. How many percent will increase in total sales (revenue) if she cuts the price by 10%?
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an introduction to cross elasticity of demand?
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What happens when oil eventually runs out?? can''t we just pay doctors and nurses more money?? The unemployed should get off their backsides and get a job??
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