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What is the difference between indifference curve and isoquants?
An indifference curve shows dissimilar combinations which a consumer can buy with a given level of income. Indifference curve shows behavior of a consumer in consumption. An isoquant shows dissimilar combinations of factors of production which a firm can employ. Isoquant shows behavior of a firm in production.
Equilibrium is explained as follows: Equilibrium is the state in which there are no shortages and surpluses; or we can say that the quantity demanded is equal to the quantity s
WHAT IS A PRODUCTION FUNCTION SCHEDULE?
Introduction for a natural monopoly assignment
explaination of quasi rent theory
a) Explain the perverse incentive. b) What makes the incentive perverse? c) How could the incentive makers better the incentive?
American Long Run Growth, 1800-1973 Throughout the 19th and the first three quarters of twentieth century the measured pace of economic growth continued to accelerate. The meas
What is economics about? Economics: Economics is a social science which studies individuals’ economic behavior, economic phenomenon, ands also how individual agents, as like
Problem 1: a) Explain the different types of unemployment that exist. b) Critically examine how monetary policy can be used to deal with inflation. c) Critically examine
Working of IFC: The IBRD loans are available only to member-country governments or with the guarantee of member-country governments. Further, IBRD can only make a loan but it
Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th
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