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what is micro economics
List and describe the determinants of the price elasticity of demand and of supply.
When is the economic theory useless? One misunderstanding is to under-estimate the role of an economic theory. Several people thought an economic theory useless since they thin
would a rational producer be concerned with the average or marginal product of an input in dec
graphical illustrations describing the influence of an increase in immigrants on the market supply of labour
Consider what would happen if a taxes of 10000$ was imposed on imported automobiles on dealers.Using a demand and supply diagram, show its impact of price and quantity. Suppose the
effect of tariffs on national income and employment
critical of comparative advantage theory
Explain how normal profit and abnormal profit differ. Normal profit (breakeven) - which must contain commentary on the inclusion of opportunity costs. Abnormal profit should be
Low standards of living: In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifest
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