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Q. Perfect Competition in neoclassical economics?
Perfect Competition: An abstract assumption, central to neoclassical economics, in that companies are so small that none can influence total output or price levels in an industry, none can anticipate or interact with the actions of its competitors and none can distinguish its products from those of competing firms. Perfect competition has never existed in real life; it's a theoretical assumption developed solely in order to defend internal logical integrity of neoclassical economic theories.
The market demand function of a firm is given by 4P + Q - 16 = 0 And the AC function takes the form AC = 4/Q + 2 - 0.3Q + 0.05Q 2 Find the Q which gives: (a) Maxim
Find the best response functions and the mixed strategies Nash Equilibrium if each player randomizes over his actions.
Purchasing Power Parity (PPP): The exchange rate is determined by the relative purchasing power of currency withineach country. For example, if a product X costs Rs. 100 in I
What do you mean by Consumption Set? Consumption Set: We notice a consumer faced along with possible consumption bundles within consumption set X. We generally assume that X
Tc and TVC curves have an inverted s-shape
what are the factors causing oligopoly market?
International Monetary Fund: International Monetary Fund (IMF) is one of the two institutions that were established as a result of the Brettonwoods Conference in 1944, the oth
law of diminshining marginal utility
The U.S. automobile industry, the soft-drink industry, the brewing industry, segments of the fast-food industry, and airplane manufacturers. Oligopoly will usually produce less tha
Production without capital is hard for us even to imagine. Nature cannot furnish goods and materials to man unless he has the tools and machinery for mining farming forestry fishin
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