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explain the relationship between scarcity,choice and opportunity cost
The town utilizes standard disc type PD water meters for all residential connections. These meters were warranted by the manufacturer to be accurate within two percent of actual f
COBWEB MODEL: Concept of dynamic stability: A market equilibrium is said to dynamically stable only when disequilibrium price and quantity move and over time reach to any eq
Elasticity- a) The price of good X goes up by 2.75%, the quantity demanded of good Y goes from 10,500 units to 25,000. What is the Exy? What does that number mean? What is th
how do cooperative and noncooperative games differ
If, for a specific project alternative, the discount rate equals the Internal Rate of Return, then the (discounted) Benefit Cost Ratio will equal unity (i.e., BCR=1.0). Define I
When a worker is fired orlaid off, they experience a significant out-of-pocket cost. That cost of job loss relies on how much they were earning in their job, how long it takes them
1. "Price discrimination allows a monopoly to increase its economic profit by capturing part of the consumer surplus and turning it into economic profit. Such a situation however l
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The income elasticity of demand calculates the responsiveness of the quantity demanded of a commodity to changes in consumers' incomes. This is typically calculated by replacing t
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