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1. Moving from an economically inefficient to efficient allocation of resources will necessarily increase benefits by more than costs.
2. There are two demand curves for a private (i.e. normal consumption) good: P=30-q1 & P=30-2q2. Let Q=q1+q2 be the total quantity demanded on the market. What is the equation for the total (market) demand ?
Three People choose whether to contribute a fixed amount toward the provision of a public good. This good is provided if and only if at least two of them contribute. If it is not p
using the aggregate demand and supply model (x axis is national output and y axis is price level) if an economy is in a state of disequilibrium where supply is excess of demand u
Managerial theories of the firms
Consider the market for Kitty Litter. Assume this industry is purrfectly competitive and is presently in long-run equilibrium. Suppose people begin to prefer Dogs as pets and Cat
9. The average supernormal profit for the firm is
What are the basic economic institutions? There are two fundamental economic institutions which have been so far used into the real world are as: a. Market economic institut
clarify the opportunity cost theory
The basic concepts of price theory
Assess whether market economies have been more successful than planned economies in providing welfare for citizens. The student is expected to outline some of the basic issues
How we constract the cost structure of firms
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