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In an updated GDP that contains household production, how would the purchase of a car or appliance for household use be treated? A car or appliance would be treated as a househ
Distinguish among the terms of trade and the balance of trade for a country. Definition of terms of trade a) The amount of a given amount of export goods essential to buy
Explain how a floating exchange rate works and the variables which affect the rate. Define a floating exchange rate as the price of a currency (in terms of another or basket of
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
Define the concept of cross elasticity of demand
sir explain me about all things of microeconomics
Answer the following questions based on the graph that represents J.R.'s demand for ribs per week at Judy's Rib Shack. a. How high must the price of ribs be for Judy to supply
GDP Price Level At the equilibrium level of income aggregate spending in the economy equals aggregate output. All along, we have assumed that the general price level remains un
what are the types of microeconomic analysis?
What is studying platform? Explain this term in brief. Studying Platform: A studying platform into modern economics comprises some basic economic principles or theories. Thi
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