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1. What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2. Define economies of scale and e
NETWORK EXTERNALITIES Till this point we have assumed that people's demands for good are independent of each other. Actually, a person's demand can be affected by the number
Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low
How to start Economics Introduction assignment?
GIVE EXAMPLES OF EACH OLIGOPOLY MODELS FROM REAL LIFE
Model in economics is the permanent income hypothesis, which basically states that a household''s expenditures will not react to a change in income unless that change in income is
explain how a perfact market responds to changes in consumer demand?
a more simple explanation of the group equilibrium in the short and long run
What is economics about? Economics: Economics is a social science which studies individuals’ economic behavior, economic phenomenon, ands also how individual agents, as like
limitation of kaldor hicks in compensation test and welfare criteria
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