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How is economics works with interaction of individual choices?
Principles behind the interaction of individual choices:
1. There are gains through trade.
• Specialization
• Trade and gains from trade
2. Markets shift toward equilibrium.
3. Resources must be used as efficiently as possible to attain society’s goals.
• Efficiency
• Equity
4. Markets generally lead to efficiency.
Exceptions: Market failure
5. While markets don’t attain efficiency, government intervention can enhance society’s welfare.
2.2 "Our business model works even if all internet software is free ....... We are still selling operating systems. What does Netscape''s business model look like? Not very good."
discuss.
Two firms, producing an identical good, engage in price competition. The cost functions are c1 (y1) = 1:17y1 and c2 (y2) = 1:19y2, correspondingly. The demand function is D(p) = 80
The circular flow of income in an open economy An open economy is one in which international trade exists. Assume also that there is government spending and taxation. Thus
factor for long run trend of term of trade
Which of the following investments has a larger future value: Investment A an $1,000 investment earning 5% per year for 6 years? Or Investment B a %500 investment earning 10% per y
In a group environment, should leaders be assigned at the beginning of a project or should leaders emerge as the group is working on the project? Outline the positives and negative
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Concept of Preference, Utility Function: Concept of Preference, Utility Function and Indifference Curve Consumer preference ('R') specified by the above axioms can be represe
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