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Themes of Microeconomics
?? As per Mick Jagger & the Rolling Stones, “You can’t always get what you want”.
Why Not?
?? Restricted Resources
?? Infinite Wants
?? Allotment of limited Resources and Trade-offs
?? In a market economy
?? In a planned economy
?? Microeconomics and Optimal Trade-offs
1. Consumer Theory
2. Workers or labours
3. Theory of the Firm
?? Microeconomics and Prices
– The function of cost in a market economy
– How prices are calculated
Microeconomics vs. Macroeconomics
Microeconomics is the basis of macroeconomic analysis.
#questionLook up the real GDP of the U.S. for the 4th quarter of 2007 and compare it with the real GDP for the 2nd quarter of 2012. What does this tell you about the performance of
REAL BUSINESS CYCLES: The extent of this module is partly indicated in the title. It is about real business cycle (RBC) theory. In addition, it exposes you to New Classical Bu
1 Differentiate between a firm and a market. 2 Graphically illustrate (i.e. draw) and explain the relationship between the market demand curve and the individual firm's demand c
Suppose a family earns £1,500 per month and can either pay £0.50 per square foot in monthly rent for an apartment in the private rental market, or accept a 1,500 square foot house
Rationale in era of globalisation: In the present era of globalisation where countries have unprecedented access to international capital flows and where those who have borrow
Austrian economics is a brand of neo-classical economics that was established in Vienna during the late 19th century & first half of the 20th century. Austrian economics was strong
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
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Demand is defined as a schedule of the quantities fo good that will be purchased at various prices similarly the supply refers to the schedule of the quantities of a good that will
why society has chosen the mixed economy
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