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how to solve Min (x+y/2, 2y+x, 3x)
reason for kinked demand curve
Before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions. The difference between the ch
scope of microeconomics
a) Describe and derive the equilibrium contract offered to high risk individuals. b) Describe and derive the equilibrium contract offe
Inductive effect
Question 1 Discuss the short-run cost-output relations Question 2 Write a short note on pure competition Question 3 Describe excess profit criterion Question 4 Disc
If we have two products, A and B, which are substitutes, we can expect that a rise in the price of A (or B) will cause the demand for B (or A) to go up.” Examine this statement wit
ref article :http://www.economist.com/news/finance-and-economics/21587795-if-congress-fails-lift-limit-americas-debts-consequences-are a.assume that the debt ceiling crisis
Expected Utility: Theory Assume that a utility index exists which conforms to the five axioms. The expected utility for the two-outcome lottery L = (P, A, B) is given by,
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