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How is microeconomics differed from macroeconomics?
Microeconomics focuses onto how decisions are made through individuals and firms and the effects of those decisions. For example, how much this would cost for a university or college to give a new course? (Involving the cost of the instructor’s salary, the classroom services and the class materials, and many more). Having found about the cost, the school can after that decides whether to offer the course.
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
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Plot the demand schedule and draw the demand curve for the data given for Marijuana
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Describe one case that fits the story of Prisoner Dilemma in not more than 10 sentences. It should fit the following features and it should not be any of the examples we already ta
Explain how automatic (fiscal) stabilisers may help to lower fluctuations in the business cycle. Definition of automatic stabilisers as built-in to the system in terms of trans
Why is investment so important in an economy? Define investment as an enhance in capital stock and link this to broad macro issues; future output, enhance in living standards, ta
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Is it possible for a firm to experience a technological change that would increase the marginal product of labor while leaving the average product of labor unchanged?
A portion of the demand schedule for wax candles (per case) is shown below. Px $50 $30 $10 Qx 500 600 700 What is the demand curve (straight line) that corresponds to the schedu
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