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Describing Risk
* To measure risk we should know:
1) All the outcomes which are possible.
2) The probability that each outcome will occur.
* Interpreting Probability
- The probability of the given outcome to occur * Interpreting Probability
- The probability which the given outcome will occur
- Objective Interpretation
- Subjective
- Different information or abilities to process the same information can influence subjective probability
Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North K
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why does gap between the ATC curve and the AVC curve decreases as the level of output increases
#quUse a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more women
how microeconomic issues maybe represented using production posibility curve
Input Substitution When the Input Price Change Isoquants and Isocosts and Production Function The minimum cost combination can be written as: - Minimum cost
Member's Quota in IMF Quota represents the subscription by a member country to the capital fund of the IMF. Quotas are fixed for each country, taking into account such factor
INDIVIDUAL DEMAND * Price Changes - Using figures developed earlier, the impact of a change in price of food can be shown by using indifference curves. Effect of Price
How does an increase in the size of a future payment affect the present value of a future payment
Summary of Educational Planning and Economic Growth An economy with scarce resources and enormous needs and aspirations requires planning. This is true of the education sector
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