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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.
define economics in plural sense. .
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Marginal utility - It is the measure of the additional satisfaction obtained from consuming one additional unit of good. * Marginal Utility: An instance - The marginal u
if the price of labour is 2000 per hour and the price of capital is 1000 per hour.is there an efficiency point of production.
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