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Explain about a model and use of it in economics.
A model is a simplified demonstration of a real situation which is used to better understand real-life circumstances.
The production possibility frontier (PPF) demonstrates the trade-offs facing an economy which produces only two goods. This demonstrates the maximum quantity of one good which can be produced for any specified production of the other.
What is the difference between economic growth and economic development? Growth is only individual dimension of development. Economic development is a complicated multi-dimensio
Consider a two-player game where player A chooses "Up," or "Down" and player B chooses "Left," "Center," or "Right". Their player is as follows: When player A chooses "Up" and play
what does international trade fails to its claims ?
1. if the marginal cost of seating a theatergoer is $5 an the elasticity of demand is -3, the profit maximizing price is? 2. A firm determined that its total cost of production
Suppose gasoline and hybrid vehicles are substitutes. Draw a graph indicating what will happen in the market for hybrid vehicles if the price of gasoline increases. Be sure to labe
This release also states that the Federal Reserve is in the process of purchasing $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt. Additio
Including different interest rates with different maturities would complicate the models however it wouldn't buy you very much. Because interest rates with different maturities are
Let kids denote the number of children ever born to a woman, and let educ denote years of education for the woman. A simple model relating fertility to years of education is kids =
what is the importance of credit multiplier
WHAT ARE THE SOURCES OF MONOPOLY
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