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what are the relevance of economics to most business today??
Distinguish among the terms of trade and the balance of trade for a country. Definition of terms of trade a) The amount of a given amount of export goods essential to buy
a. Determine Australia’s market equilibrium for TV sets. i. (1) What are the equilibrium price and quantity?
if a commodity has limited demand , should economist say that we still have a scarcity ?
Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production). Production: Process by which human labour
what is the theory of second best? prove the theorem with the help of a diagram.
schedules for cost
Draw a marginal utility cureve for a good that has a constant marginal utility
Features of monopolistic competition: Large number of firms in the industry. There are many small firms each supplying only a small share of the total market output. Hence, no
discuss the implications of various market structure for price determination
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