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Economics- Definition
Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people.
Microeconomics handles with:
• Conduct of individual units
• When Consuming; How we select what to buy
• When manufacturing; How we decide what to produce
• Markets: The communication of consumers and producers
• Evaluation of aggregate issues:
?? Inflation
?? Economic growth
?? Unemployment
Commodities that are viewed as luxuries typically have price elastic demand, and commodities that are requirements have price inelastic demand. There is easily no substitute for a
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. Suppose fixed costs increase by $20. How will this affect TFC, TVC, TC, ATC, AVC and MC? Which numbers change and which stay the same?
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What is the difference between 'scarcity' and 'shortage'? 'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce go
Random sampling is a technique for sampling which we can select a group of subjects or a sample for study from a larger group or a population. Each entity individually is chosen en
Jane receives utility from days spent travelling on vacation domestically(D) and days
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