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CONSUMER CHOICE INVOLVING RISK: The traditional theory of consumer behaviour does not include an analysis of uncertain situation. Von Neumann and Morgenstern showed that under
Determinants of reserve price
What is average revenue and average revenue curve Average Revenue: The average revenue is the total revenue separated by the level of output. It is therefore the price.
Consider a television manufacturer based in Korea. It produces TVs in Korea at a total cost of Y 2 + 2 Y where Y is the number of televisions they produce in Korea. It can als
using necessary and sufficient conditions explain consumer equilibrium diagrammatically as well as mathematically
ive been asked to compare shapes of graphs e.g. constant slopes increasing, decreasing, inelastc using the concepts of marginal and average changes?
What is meant by dumping? Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: ma
When does deadweight loss occur to society? Applying consumer and producer surplus the efficiency costs of a tax: A tax causes a deadweight loss to society, since less the g
What is the graph of the production possibilities frontiers for the American and Japanese economies if American worker can produce 10 tons of grain a year and Japanese worker can p
how does economics bridge the gap between economic teory and practise
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