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Illustrate the roles of mathematics in modern economics?
Roles of Mathematics in Modern Economics:
Mathematics has become a significant tool into modern economics. Mostly every field into modern economics uses statistics and mathematics. The mathematical approach to economic analysis is utilized while economists make utilization of mathematical symbols into the statement of a problem and also draw upon identified mathematical theorems to aid in reasoning. This is not hard to understand why the mathematical approach has turn into a dominant approach because finding the boundary of a theory, improving an analytical framework of a theory, founded reference systems, and giving analytical tools all require mathematics. When we apply a theoretical outcome to real world without understanding the boundary of a theory, we may obtain a very bad result and hurt an economy seriously.
Why do demand curves generally slope downward? The demand curve slopes downward because in general, the higher the price of the good, the fewer people will need to buy it.
prove that the utility approach and the indifference curve approach yield the same consumer equilibrium
contemporary issues in microeconomics in nigeria
Distributive Bargaining An approach to negotiation that finds to divide up a fixed amount of resources.
Find the best response functions and the mixed strategies Nash Equilibrium if each player randomizes over his actions.
Using a diagram explain the equilibrium point of a monopoly
demand for two market are P1=15-Q1&P2=25-Q2.the monopoly TC is C=5+3(Q1+Q2).What are ,output,profit&MR if the monopolist can price disc? riminate
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The word length should be between 1200 to 1600 words. Please submit a hard copy with a coversheet to the lecturer at the commencement of class in Week 8. Find and read the Judgm
do you think that dimnishing returns to a factor are consistent with increasing returns to scale? explain with suitable diagram and reasoning.
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