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who is a rational producer?
Provide an economic explanation of what you have shown in your diagrams above. Discuss what happens to Iceland's (1) level of economic output, (2) employment, (3) real wage rate,
Explain how automatic (fiscal) stabilisers may help to lower fluctuations in the business cycle. Definition of automatic stabilisers as built-in to the system in terms of trans
what is the example of this law
what is limitation of inherent
Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc
Micro economics is the study of individual unit of an economy
what is dynamic and static multipler
The prevention of major swings in economic activity can be handled most easily by the
Costs: If raw materials, machines and other things required for production could be made available freely then the study of the theory of the production and indeed, the study of
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