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Three People choose whether to contribute a fixed amount toward the provision of a public good. This good is provided if and only if at least two of them contribute. If it is not p
Determine the indirect utility function in brief. Indirect Utility Function: The ordinary utility function, u(x), is described over the consumption set X and thus to as the
Measures used to restrict International Trade: These are taxes imposed on traded commodities as they cross national boarders. These are two main types of tariffs. An import ta
The Market Mechanism Features of the equilibrium or market clearing price: – QD = QS – No shortage or scarcity – No extra supply price. – No pressure on th
Indifference Curves: Every consumption-leisure point, (l; c), in the diagram is associated with a unique level of utility. The line II represents the individuals indifference curv
The main features of outward-oriented and inward-oriented development strategies. Inward- oriented as focus on reducing domestic reliance on imports by executing high barrier
What is meant by dumping? Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: ma
explain the managerial decision areas
A major component of the costs of many large firms is the cost associated with ordering and holding inventory. If the yearly demand for the good is D and the size of each order pla
Functions of the Central Bank: Currency issue and distribution: The Central Bank is the only institution empowered by law to issue currency notes and coins that are used as a
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