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Explain the meaning of the statment "coffee and tea are close substitutes".
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
Q. Explain about Banking Cycle? An economic cycle that results from cyclical changes in the attitudes of banks toward lending risk. When economic times are good, bankers become
Explanation
What is the difference between 'scarcity' and 'shortage'? 'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce go
Lynne’s income is $2, 000 and she is risk averse. The probability of someone slipping on her stairs is 1 8 . If this happens, she will be sued for $1, 000 and will have to pay that
Five uses of elasticity on the Public Sector and five uses of elasticity on the Private Sector.
#q The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan
#quUse a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more women
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