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Imagine a country where plane and train services between two main cities are both provided by private companies, and, from a consumer perspective these services are viewed as subst
REAL BUSINESS CYCLE THEORY: The parable that motivates this discussion originated with Edmund Phelps and invites you to think that all men (and women) are islands. They have p
graphical illustrations describing the influence of an increase in immigrants on the market supply of labour
Distinguish demand pull, cost push and imported inflation using graphs where appropriate. What are the likely causes of current inflation in Australia? Answer Co
Question : (a) Using a simple example, diffrence between inter - industry trade and intra - industry trade? (b) Illustrate the reasons for the existence of external economie
Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit? Answer The term externalities refers to bot
1. Suppose that Mr. John has the following Cobb-Douglas utility function U = 6X^2/3y^1/3 the market price of X and Y commodity are $1 and $2, respe
Q. Defien Hyper - Inflation? Hyper-Inflation:It's a situation of extremely rapid inflation (reaching 100% per year or more), frequently resulting from a condition of political
Consider a market that is served by a single-price monopolist with marginal cost given by MC = $100 + Q. The market demand is given by P = $800 – 3Q. Determine the following: the f
PEST analysis Political factors: The political factors include laws and regulations in the market and this influences the market activities. These laws and regulations a
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