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Differentiate between real and nominal variables.
In economics, the distinction among nominal and real numbers is often made. Nominal variables -- like nominal wages, interest rates and gross domestic product (GDP) -- refer to amounts that are paid or earned in money terms. Real variables -- real wages, interest rates, and GDP -- are corrected for the effects of inflation. They show the value of these numbers in terms of the purchasing power of wages, interest, or total production.
Types of budget: Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by
Diffrence between price and Income elasticity of demand: Own price elasticity of demand is the degree of responsiveness of the quantity demanded of a commodity to a change in
Joe is the owner-operator of Joe’s Haircuts Unlimited. Last year he earned $100,000 in total revenues and paid $65,000 to his employees and suppliers. During the course
This problem continues the analysis from question 2. a.Another economic study finds that the marginal cost (MC) to farmers of nutrient runoff abatement is MC = .1Q. Graph this f
The market demand function of a firm is given by 4P + Q - 16 = 0 And the AC function takes the form AC = 4/Q + 2 - 0.3Q + 0.05Q 2 Find the Q which gives: (a) Maxim
Ask queBrenda owns a construction company that employs bricklayers and other skilled tradesmen. Her firm''s MRP for bricklayers is $22.25 per hour for each of the first seven brick
graphical illustrations describing the influence of an increase in immigrants on the market supply of labour
an introduction to cross elasticity of demand?
This involves the characteristics of the production human as well as non human using the product concerned. For example it may pertain to the number and characteristics of children
Policies for Technological Advance Without better technology, increases in capital stock generated by investment rapidly run into diminishing returns. And without improvements
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