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What is the classical model's explanation for involuntary unemployment? According to the classical model, involuntary unemployment only increases when there is something impedi
Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low
contrast the longrun equilibrium positions of monopolistic competition firm and oligopoly
Production having Two Outputs -Economies of Scope * Economies of scope exist when joint output of a single firm is greater than the output which could be achieved by two diffe
Externalities: Many economic activities have collateral effects (at times positive, but more often negative) on other people who aren't directly involved in that activity. Illustra
Define law of supply. Quantity supplied rises as price raises, other things constant. In other words, "Other things being equivalent, when the price of a product rises, then s
Mamun has a weakly income of 600 dollars. Price of chocolate is 5 dollar and price of potato is taka 10. Both are normal goods. Show the income and substitution effect for each of
what are the uses of cross elasticity quantity in demand/
Consumer Behavior The description of how consumers allot their resources (income) to the purchase of various goods and services to get maximum in their well being. There a
Marginal Revenue, Marginal Cost & Profit Maximization * Determining profit maximizing level of output - Profit (π ) = Total Revenue - Total Cost - Total Revenue (R) = Pq
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