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What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
Discuss the impact of rational self-interest on each of the following decisions
using the indifference curve approach explain why the demand curve slope downwards from left to right...... is there any exceptions?
Define the term “cross elasticity of demand” (2 marks) Price of commodity X (SH) Demand for commodity X (Units) 12 80 16 100 20 120 24 140 28 160 d) The following data relate to a
Problem 1: (a) Explain the meaning of poverty. Briefly explain how poverty is measured? (b) Clearly explain the relationship between Poverty, Inequality and Economic Growt
what is iso-product curve
Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
Would a risk loving person prefer an increase in the chance of winning the lottery by 20% or an increase in the jackpot of 20%
Money facilitates market activities and is essential in complex market systems. With money people can avoid the problems associated with coincidence of wants. Between, these pro
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