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Determine on any market the effect of the following. Do each separately (on a separate graph) starting from an initial equilibrium position for each one.
1. increase in income
2. Decrease in the cost of production.
3. Increase in the price of a substitute good.
4. Increase in the price of a complementary good.
5. An increase in technology.
6. Increase in taste and preferences for the good.
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using a graph of the classical labour market illustrste the effects of real wage existing in the market lower than the equilibrium real wage
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What factors shift out the PPC and what is the opportunity cost of the economy moving out to get back on the PPC? Explain?
equilibrium real wage
Explain why a perfectly competitive firm does not expand its sales without limit if its horizontal demand curve indicates that it can sell as much as desires at the current market
Positive and normative economics -introductiion Economic theory or analysis evolves from basic propositions about how individual human beings (or individual economic units) beh
What is debt swept?
What is most likely to go wrong in the analysis of direct material and other direct costs and what could be done about it.
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