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Are markets the best way of solving the basic economic problem? Justify your answer.
The core of the economic problem ( who, what, for whom) is something all societies must address. Planned economies solve it by central price and output setting, while market economies solve it by the price mechanism. Both systems have their basic flaws.
Another issue is that of market failure, and how society addresses this
inflation and policies that are used to combat it
. Suppose fixed costs increase by $20. How will this affect TFC, TVC, TC, ATC, AVC and MC? Which numbers change and which stay the same?
The idea for the national accounts came during the 1930s depression in the U.S., when decision-makers wanted to get a better sense of by how much economic production had fallen. Si
argument against in favour of traditonel theory profit maximisation
Evaluating the Gains and Losses from the Policies of Government: Consumer and Producer Surplus * Review - Consumer surplus is total benefit or value which consumers rece
why constant return to scale is important
Severe drought hit the coffee industry hard this year; as a result, more people are now switching to tea. The first table below shows the original supply and demand quantities in t
Define Nash equilibrium
What are the properties of consumer demand? Properties of Consumer Demand: In this section check the comparative statics of consumer demand behaviour as: how the demand of cons
steps for law of coservation of mass
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