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What are the basic questions to be answered by economic institution?
Four fundamental questions should be answered by any economic institution as:
a. What goods and services must be produced and in what quantity?
b. How must the product be produced?
c. For whom must this be produced and how must this be distributed?
d. Who makes the decisions?
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
The drawbacks of a mixed economy actually depend on how "mixed" it is. For instance, if it is mixed more towards a free-market, there is little regulation (some may see this as a g
Duality Theorems: The relationship between the direct and indirect utility functions may be described by a set of duality theorems. The following illustrative theorems are pro
TYPES OF POLLUTANTS In general the air pollutants can be sub divided into 2 catexampleories: Primary pollutants and Secondary pollutants Primary pollutants These are the poll
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Q. What is Gross Domestic Product Per Capita? Gross Domestic Product, Per Capita: Level of GDP divided by the population of a region or country. Changes in real GDP per capita
Q. Can you explain about Counterfactual? The ‘base case' or counterfactual is a statement of what could have happened without policy intervention, or if the policy intervention
Service levels in Supply Chain Management Consider that a finished product is made up of five inventoried component parts. If the service level were 90 per cent or 0.9 for eac
How to I calculate the break-even point per unit in dollar amount and then determine whether there will be a profit or loss? Such as if the fixed costs were $75000. The variable co
The Budget Line The line BB gives the persons budget constraint. It is described by the linear equation c + wl = w; which can be rewritten as c = w - wl: The budget li
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