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What is Economics? Economics is explained as the study of how people choose to use their scarce resources in an attempt to satisfy their unlimited wants. In other words, we h
Consumer Choice * Decision making & Public Policy - Selecting from a non matching and matching grant to fund police expenditures
1. Explain how the aggregate supply curve for the entire economy can be derived under; i. Classical assumption ii. Keynesian assumption 2. Explain how equilibrium can be a
Problem : "The beliefs that free trade favors only the rich countries and that volatile capital markets hurt developing countries the most have led activists of many stripes
Question 1: The price of the good X rises from $1.30 to $1.40. Calculate the price elasticity of demand by using the mid-point method. Question 2: How do you explain the answer
Significance of Stagnation in Supply and Demand Calculus Stagnation refers to failures of students in a grade/class or grade repetition. The objective of a course is to make c
A competitive firm produces output using three fixed factors and one variable factor. The firm’s short-run production function is q = 154x – 5x2, where x is the amount of variable
Economic instruments Financial rewards, incentives and penalties that operate automatically via market forces, to encourage beneficial behavior.
Why firm charges different prices to different consumer? Every firm needs to maximize its profit. When goods are sold to different customers, each customer negotiate price of
Gibb''s energy In every chemical system, the substance moves in a direction in which there is a decrease in free energy, for example i.e. ?G is negative. G = H - TS where, G is
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