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How are individual makes choices?
Fundamental principles behind the individual choices are as follows:
1. Resources are scarce.
2. The real cost of anything is what you should give up to get this
Opportunity cost
This is all about what you have to forgo to acquire your choice.
3. "How much", this is a decision at the margin.
Trade-offs
Marginal decisions and marginal analysis
4. People generally take advantage of opportunities to make them better off.
Incentives
the suitability of utilising a policy of tariffs and quotas given the case of perfect competition.
The AS curve Say that nominal wage in year 1 (at a particular point in time) is equal to 1000. On the horizontal part of response curve, real wage is constant and equal to its
Q. Consumption function in the AS-AD model? Consumption. Suppose that P increases by say 10% whereas real GDP (Y) is constant. Nominal GDP and nominal national will now have
A government purchase real GDP. Are increases in government purchases associated with increases in real GDP?Describe the important characteristics of perfect competition and monopo
outline two main restrictions by indian government applied to import. Using the data from your case study analyse and explain who would benefit directly and who would lose directly
Fixed versus floating exchange rates: To begin with, we will briefly review the balance of payments (BOP) table of a nation that you studied in the course on international eco
Individual A has UA(XA,YA)=lnXA+2YA and has $500. PX=5 and PY =10. (a) Find the optimum. Show that it is indeed the maximum. (b) PX=10. Find the new optimum. (c) Calculate
What are the requirements for something to be considered money? Why does the dollar have value?
assuming that B=0.33 Y1998=[0.33]Y1998 Estimate the permanent income for 1998
what is the cause of inflation in PNG
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