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How might a “perfect” macro equilibrium be affected by (a) a stock market crash; (b) the death of a president; (c) a recession in Canada; (d) a spike in oil prices?
THEORY OF CONSUMER BEHAVIOR: It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate
What two developments are demanding new ways of looking at the economic world in the 21st century? What kinds of sustainability questions do they raise? Two developments that
what is the indirect utility function equation
conditions of pareto optimality
explain diagramatically Bain''s limit pricing mode
CONSUMER CHOICE INVOLVING RISK: The traditional theory of consumer behaviour does not include an analysis of uncertain situation. Von Neumann and Morgenstern showed that under
alternative theories of trade
Marketing Economies: These are derived from the bulk purchasing of inputs and bulk distribution of outputs. A large firm is able to buy its raw materials in larger quantities
equilibrium of production
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