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State the example of price and price level
Create a basket which contains all the goods sold by a specific store on a specific day. Price of this basket is then a price level - it would be a weighted average of prices of the goods sold that day and weights would be equal to number of every good sold. Perhaps basket contains 100 liters of regular milk though only one frozen cake. Price of regular milk will then have a weight of 100 whereas price of frozen cake wold have a weight of 1. Changes in price of milk will then have a greater influence on price level than changes in price of frozen cake.
Ask question using health care as an example explain how markets fail due to different types of externalities arising from jointness in production and consumption
New developments
Theories of Chamberlin’s monopolistic competition and Joan Robinson’s imperfect competition have revealed that a firm under monopolistic competition or imperfect competition in lon
traditional theory of cost
1. Suppose that Mr. John has the following Cobb-Douglas utility function U = 6X^2/3y^1/3 the market price of X and Y commodity are $1 and $2, respe
Define why prices is significant for economy Reason for using different weights is that some prices are more significant than others for economy. Price of gasoline, for instanc
If there is an industry and some of the companies get shut down, how would you graph the short run and long run effects
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Inflation-Unemployment Trade-off under Adaptive Expectations : By the late 1960s, the inverse relation between inflation and unemployment as suggested by the Phillips curve was
Given that TC=1000+10Q-0.9Q^2+0.04Q^3,,Find the rate of output Q that result in minimum Average variable cost
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