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construct your own version of a production possibility curve and use it to explain scarcity, opportunity cost and choice
Differentiate between oscillation and damp cobweb model
Long-Run Versus Short-Run Cost Curves What happens to average costs when both the inputs are variable versus only having one input that is variable (short run)? The Inflexi
assumption of mariss model
illustration for demand of big macs using indifference curve and budget line
RATIONAL EXPECTATIONS AND ECONOMIC THEORY : We assumed above that the role of economic theory is not to provide quantitative predictions about the future. Suppose we assume ins
The Market Mechanism Features of the equilibrium or market clearing price: – QD = QS – No shortage or scarcity – No extra supply price. – No pressure on th
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demand elasticity
Bilateral and Multilateral Contracts Bilateral contract is defined as to purchase & sell certain quantities of a commodity at the agreed upon prices may be entered into between the
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