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Illustrates the stages of the production of an economic conclusion?
The production of an economic conclusion generally goes into three stages as follows:
Stage 1: It is non-mathematical language stage, generates preliminary outputs, propose economic concepts, conjectures and intuitions.
Stage 2: It is mathematical language stage, generates intermediate outputs, provide a formal and rigorous result by mathematical modelling which specifies the boundary of a theory.
Stage 3: It is non-technical language stage, generates last outputs, conclusions, insights and statements which can be understood through non-specialists.
Why in 1996 did the BEA switch to calculate real GDP using the "chained-dollar method" from the "constant-dollar method"? The BEA made the switch from the constant-dollar metho
With the aid of a diagram explain the long run average cost curve and the influences upon it.
Average Fixed Cost (AFC): AFC is the fixed cost per unit of output. AFC = TFC/y Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore
Analysis of business portfolio by using Boston Consultant Group (BCG) Matrix.
Illustrate the content in the rational consumer? Content in the rational consumer: a. How to spend income onto goods and services? b. Why maximizing usefulness? c. Wh
how does the charging the monoply a specific tax per unit affect the monopoly optmum and 5the welfare of consumer
Which firm has the greatest minimum efficient scale?
discuss how the price mechanism allocate resources in a free market system
How have falling commodity prices affected many developing countries? Definition of commodities; raw material like copper, iron and bauxite; and agricultural goods like rice an
if a commodity has limited demand , should economist say that we still have a scarcity ?
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