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THE GOVERNED ECONOMY
The governed economy contains central authorities often simply called "the government" - who levy taxes on firms and households and which engages in numerous activities such as defending the country, making and enforcing the laws, building roads, running schools, and predicting weather.
When the government produces goods and services that households desire such as roads and air traffic control, it is obviously engaged in a useful activity and is obviously adding to the sum total of valuable output. The National Income Statistician count as part of the GNP every government expenditure on goods and services, whether it is to build a scud missile to promote police protection, or to pay a civil servant to file and re-file papers from a now defunct ministry.
Two competing firms are each planning to introduce a new product. Firm 1 will decide whether to produce product A, product B or product C, while firm 2 can choose between products
arguments in favour of traditional theory of profit maximization
What is producer surplus? “The more the competition among the sellers, the less the producer surplus enjoyed by the producers” – do you agree with the statement. Justify your answe
Indifference Curve Analysis In the 1930s a group of economists, including Sir John Hicks and sir Roy Allen, came to believe that cardinal measurement of utility was not necess
explain the law of demand
how realistic is the sales maximisation model from your experience with business objectives as persued by firms
Elasticity of Demand As the law of demand establishes a relationship between quantity demanded and price for a product, it doesn't tell us exactly as how weak or strong the rel
THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return
assignment
'' monopoly is good for consumer welfare" is this crrect
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