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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”.
Define Amagat law of partial volume, Amagat law of partial volume The total volume of a mixture of non reacting gases at constant temperature & pressure is equal to sum of indiv
i''m">http://papers.xtremepapers.com/CIE/Cambridge%20International%20A%20and%20AS%20Level/Economics%20%289708%29/9708_w07_qp_1.pdf i''m finding question 13 difficult to comprehen
Show the possible outcome of setting a minimum wage for under-eighteens. Explaining and illustration of minimum wage - clearly set above market equilibrium outlining res
A trend line can be fitted through a series graphically. Old values of sales for different areas are plotted on a graph and a free hand curve is drawn passing through as many point
Functions of the WTO: The WTO performs the following functions: • It administers through various councils and committees the 29 agreements contained in the final act of
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
how does economics bridge the gap between economic teory and practise
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
#question.PROPERTIES OF INDIFFERENCE CURVES WITH TABLE AND DIAGRAM.
Lack of Integration in Policy Formulation and Policy Implementation: A common thread uniting these diverse diagnoses and prescriptions can be seen among most of the critical e
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