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State about the prices - Price level
Prices are of great significance in macroeconomics as indeed they are in microeconomics. Though, in microeconomics we are more interested in prices of individual services and goods and such prices are rarely significant for economy as a whole even though there are exceptions (for instance, the price of oil). In macroeconomics we are more interested in how prices change on average. We describe the price level as a weighted average of various different prices.
If p1 is price of gasoline and p2 the price of oil, then 10p1+ p2 is a price level. It is a weighted average of two prices with weights 10 and 1. Generally, price level is defined using many more prices.
what is marginal costs?
Preference to Non-debt Creating Capital Flows: The most important element of strategy has been the paradigm shift in the attitude towards inflow of capital from abroad. Capit
concept of narrowness in pure economics
Q. What is working of world Bank? An international financial organization formed after World War II and based in Washington D.C. Its supposed purpose is to promote economic dev
Cross-Price Elasticity of Demand is explained below: Cross price elasticity of the demand is the percentage change in the quantity demanded of a particular good, with respect t
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Lynne’s income is $2, 000 and she is risk averse. The probability of someone slipping on her stairs is 1 8 . If this happens, she will be sued for $1, 000 and will have to pay that
what is marginal cost
Suppose you are a regulator in charge of allocating water between residential and agricultural users (farmers) in Southern California. You conduct a survey that finds that under th
discuss how economic theory of marginal utility explains the optimum pattern of consumption for an individual consumer
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