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Question: (a) Long Run Incremental Cost (LRIC) is considered as the "gold standard" for setting interconnection charges. Discuss the strengths and weaknesses of the three ap
What is the benefit (main work) of economics in our life? Economics plays a very important role in development of a country. A country's economy shows the stability of that co
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
i want an application on indifference curve of a specific firm? can i get it easily?
Choosing Inputs How to minimize cost for the given level of output. We can do so by combining Isocosts with Isoquants Producing a
suppose, as in the federal income tax code for the united states, that the representative consumer faces a wage income tax with a standard deduction. That is the representative con
NETWORK EXTERNALITIES Till this point we have assumed that people's demands for good are independent of each other. Actually, a person's demand can be affected by the number
Assume that a shoe salesman learned the price elasticity of demand for her products is -1.5. How many percent will increase in total sales (revenue) if she cuts the price by 10%?
Market failures (even when they do not have international external effects) i) Self-fulfilling bank runs, government debt runs, currency crises. ii) Liquidation costs of li
Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
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