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International economic relations also depend, in large calculate, on monetary =issues. You are unlikely to accept the Turkish Lire in payment for your wages in this country, easily because you can't easily use that money to buy anything. You need U.S. dollars in payment for your services, because you can easily spend the dollar. Countries act the similar way you do. There are currencies that virtually each accepts as payment, and those widely accepted currencies are known as hard currency.
draw the supernormal curve
What is the theory of Second Best? Prove the theorem with the help of a diagram.
Explain about the optimal consumption rule. The optimal consumption rule: While a consumer maximizes utility, the marginal utility per dollar spent should be similar for all
How do you calculate marginal revenue, and monopolistic profit?
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What are the uses of elasticity to the private sector
Explain how oligopolies can work both for and against consumers. Oligopolies market power can of course work against consumers - as price-setting and any form of collusion will
cartels model of collusive oligopoly
Ask quesQuestion 1. A firm has a production function given by Q = L1/2 K, where L is labour and K is capital. Draw and appropriately label at least three points on each of the isoq
A firm in a perfectly competitive product market takes the price of the product as given. Similarly, a firm in a perfectly competitive factor market takes the price of the factor
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