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1) What are the most important challenges that economists try to address? (2) What is the role of government in a market based economy? (3) Who are the main economic players
law of diminshining marginal utility
Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50 and each pencil costs $0.10. She is thinking about buying 6 pens and 20 pencils. The last pen would add five time
Determine the oldest ideas in economics One of the oldest ideas in economics is that increases in technology certainly run into natural resource scarcity and so lead to increas
What is meant by minimum wage? The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are examined by the forces of sup
Modern economy: It explored the role of money in every modern economy.The chapter also revealed that it is necessary for the government to ensure consistency between the quant
Equilibrium Exchange Rate: The theory of exchange rate determination explains how demand and supply of foreignexchange interact and jointly determine the equilibrium exchange
Elastic and Inelastic Demand can be understood as follows: Slope and elasticity of demand have an inverse relationship between them. When slope is high elasticity of demand bec
What is third degree price discrimination? Explain with case analysis,give two successful & unsuccessful cases of 3rd degree price discrimination.
What is Diverstification?
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