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discuss the term of price mechanism,give examples to elaborate the concept clearly
How much would the price of Good Z (Pz) have to change in order to increase the consumption of Good C by twenty five percent (25%)?
Yuen, a travelling salesman for snake oil, can produce the stuff at a marginal cost of 1. There are 100 potential customers in Vernon, each of whom has the following demand functio
Define the Production Possibilities Curve and explain the basic economics concepts using the PPC. Explain the factors tht shift the PPC outwards
Question 1: A good internal transport network is a sine-qua-non condition for development. What are the problems of the transport sector? Question 2: ICT has a defin
In markets, the invisible hand allocates resources efficiently a. in all cases b. when there are positive externalities, but not when there are negative externalities c. when there
Average Total Cost (ATC): ATC is the total cost per unit of output. ATC = TC/y = (TFC + TVC)/y = AFC +AVC ATC falls sharply at the beginning of the production process because
Describing Risk * To measure risk we should know: 1) All the outcomes which are possible. 2) The probability that each outcome will occur. * Interpreting Probability
What are the main weaknesses of using demand-side policies? Trade-off issues a) Growth and low unemployment often come with inflation b) Government stimulatory policies m
Deviation from ideal gas behavior The Van der Waal''s Equation This is observed, deviations from gas laws are high under high pressures & low temperatures. The Van der Waal suggest
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