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Change in consumer Taste/preference: Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to inc
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
1. What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities? 2. What are
what is the formula for finding gross national product?
Wage Labour: A form of work in that employees perform labour for others, under their direction, in return for salaries orwages. Employer controls and owns the product of the labour
explain the concept economies/diseconomies of scale and minimum efficient scale
why constant return to scale is important
explain the traditional theory of cost with suitable diagrams.explain why LAC curve is not U shaped?
1. Explain how absolute advantage and comparative advantage differ? 2. Give an example in which a person has an absolute advantage in doing some thing but another pers
Explain about the money metric utility functions. The Money Metric Utility Functions: It is a nice construction including the expenditure function which comes up into a vari
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