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Explain about the determination of equilibria.
Determination of Equilibria:
The fourth step for studying an economic step is to make trade-off choices and find out the best one. Once specified an economic institutional arrangement, environment and other constraints, as like technical, resource, and budget constraints, individuals will react, depend onto their incentives and own behavior, and decided an outcome from between the available or feasible outcomes. This state is termed as equilibrium and the outcome an equilibrium outcome. It is the most common description an economic “equilibrium”.
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
An individual derives utility from consuming goods X and Y according to the following estimated utility function U = 12X 2/3 Y ¼ X and Y are quantities (units) of
assume you are selling a product and when your price is decreased by 29% your quantity demanded increases by 55%. What is your price elasticity of demand?
baumol''s sales maximasation model
Highlight the few heading of it
Jane receives utility from days spent travelling on vacation domestically(D) and days
Suppose a government uses an expansionary fiscal policy to get out of a recession. Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.
1. Assume that the market for wheat is perfectly competitive. Suppose the demand curve for wheat is given by: QD = 200 – 2P where QD is the quantity demanded, in bushels, and P i
Consider a non-renewable resource. There are two periods, now and later. The demand curve in each period (t = 1, 2) is Qt = 10 - Pt. The stock of the resource is 10 units. Extracti
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