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characteristics of microeconomics
PARAMETERS FOR ASSESSING ECONOMIC REFORMS: Let it be clearly understood that liberalisation, privatisation and globalisation are means with the help of which the growth proces
Why is the concept of scarcity relevant to both LDC s and MDC s? All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be me
What are the basic questions to be answered by economic institution? Four fundamental questions should be answered by any economic institution as: a. What goods and services
Consider a two-period economy with a single commodity (say leisure): x1 is the con- sumption of leisure in period 1, and x2 is the consumption of leisure in period 2. When Peter ev
Methodology of econometrics involving three stages 1. Specification of the model using a specific stochastic equation, together with a priori theoretical expectations about th
Discretionary Fiscal Policy: Some government taxing and spending programs can be adjusted by government in response to changing economic circumstances. These discretionary measures
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With the aid of a diagram explain the long run average cost curve and the influences upon it.
A firms total cost function is TC=0.0006*X^3-0.086*X^2+4.8*X+25 and its total revenue function is TR=2.5*X find its profit function
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