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construct your own version of a production possibility curve and use it to explain scarcity, opportunity cost and choice
what is the theory of Second best? Prove the theorem with the help of a diagram.
what is linear programming
prove that the utility approach and the indifference curve yield the same consumer equilibrium.
homework assignments
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
Why is the goal of stability and security important to many people? What problems typically emerge during periods of instability? The instability over the business cycle can b
what is market equilibrium and disequilibrium?
The Hypothesis of Rational Expectations : In the General Theory (Keynes, 1936) we noted that the state of expectations was taken as given. There was, in addition, explici
Unemployment: Individuals who want to be employed, and are actively seeking work, but can't find a job, are considered ‘officially' unemployed. Individuals who aren't working, but
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