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Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
Shor tage A condition under that the quantity demanded for a good or service exceeds the available supply for that good or service. Shortages usually cause a rise in price
in the keynesian model the price is assumed to be what? a.exogeneous and remaaining constant b. endogeneous and remaining constant which is correct?
What have been some justifications given for the historical exclusion of household production from the national accounts? Some reasons have included: a. households are not p
prove that marginal utility of x=the price of commodity x.
1
identify which curve (demand or supply) will be affected?
Government increases the taxes on car ownership. Explain the possible market outcomes of such a decision. As this is a tax paid by owners, and therefore not levied indirectly
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analyse the rise and fall in the price under market equillibrium situation?
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