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Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price floor of $20 is set, what will be the size of the resulting surplus?
Causes of the Nigeria recession
Actual income and Full employment income Full employment income (Also called Potential National) is the national income that could be produced when the country's factors of pr
define scarcity and opportunity cost..
The demand for good X is estimated to be: where p x price of X in dollars M = personal disposable income in trillions of dollars per year P y = price of a competitive in do
A profit-maximizing firm faces the following options for hiring workers: a) Assume the firm has limited space so that it can only hire one worker. Which type of employee sh
What are the important external forces Management has to identify all significant factors which influence a firm. These factors can largely be divided into two categories. Mana
gap between economic theory and business practice
Infant Industry Argument Advocates of this maintain that if an industry is just developing, with a good chance of success once it is established and reaping economies of sale,
Real Vs Nominal GNP: "Deflating" by a price Index One of the problems that confront economists when measuring GNP is that they have to use money as the measuring rod. Thes
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