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What is the difference between MRTS & MRS?
GDP Price Level At the equilibrium level of income aggregate spending in the economy equals aggregate output. All along, we have assumed that the general price level remains un
Differentiate between oscillation and damp cobweb model
Price Level:Overall average level of nominal prices in the economy can be calculated, most often as a weighted average of the prices of individualservices and goods (with weighting
Define the Production Possibilities Curve
In the context of managerial economics how do you explain a rational producer. Illustrate giving example covering different dimention.
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#explain bains theory of limit pricing theory
Let Consider the following insurance market. There are two states of the world, B and G , and two types of consumers, H and L, who have probabilities p H =0.5 and p L
#1 explain with the aid of diagram the effect of an increase in demand for palm oil on the equilibrum position for palm kernel
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