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Problem 1:
a. Describe the concept of opportunity cost, using the production possibility curve.
b. What are the fundamental problems of an economy? Describe how the command economy differs from the free market economy in dealing with resource allocation problems.
c. What are the strengths and weaknesses of a mixed economy?
Problem 2:
a. Distinguish between short-run and long-run costs.
b. Compare and contrast the short-run and long-run output decisions of the perfectly competitive firm and the monopoly.
c. Discuss long run efficiency under both kind of market structures?
why diminish MRS?
if the inverse demand curve is p=120-Qand the marginal cost is constant at 10, how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welf
Calculate the price elasticity of demand or supply for the following function when P=8 p=6(I)p=40-0.5q
how can I execute this topic in new way of teaching? That will focus on activity base and art of questioning that will answer by the students?
How can we calculate the Inflation rate Inflation: The rise in general prices and the decrease in value of money. Inflation is a sustained increase in the general price level
a. Referring to the table below and using the "Rule of 70," comment on long-term changes in the standard of living in the United States? b. Would you rather live in the Unite
the basics in micro economics
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#question.i need help.
baumol''s sales maximasation model
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