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Problem:
(a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society.
(b) Distinguish between a centrally planned, laissez-faire and mixed economic systems regarding the resource allocation problems.
(c) According to you which of the above economic system is the best.
Gay Lussac''s law of gaseous volumes: While gases react with each other they always do so in volumes that bears a simple ratio to one and another or to the volumes of the products
Assume you see that two macroeconomic variables are correlated with each other. But you want to know if there's an underlying or causal relationship between the two variables. Wo
Average Fixed Cost (AFC): AFC is the fixed cost per unit of output. AFC = TFC/y Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore
U+v, UV, u/v
explain how macro and micro issues may be represented using production possibility curve
what does General Equilibrium in consumption means?
description of slutskian approach
discuss the term of price mechanism,give examples to elaborate the concept clearly
Define law of demand. Answer: Quantity demanded increases as price falls, other things constant. In other words, "Other things remaining the same, when the price of a good r
Trade union can also pay a useful role in improving the wages of the workers without causing adverse effects on employment. This case which is intensely associated with the idea of
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