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What are the important functions to maximize total surplus?
The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
1. This allocates consumption of the good to the potential buyers who value this most.
2. This allocates sales to the potential sellers who most value the right to sell the good.
3. This ensures about every consumer who creates a purchase values the good more than every seller who makes a sale.
4. This ensures that each potential buyer who doesn’t build a purchase values the good less than each potential seller who doesn’t make a sale.
what is the theory of supply
Consider what would happen if a taxes of 10000$ was imposed on imported automobiles on dealers.Using a demand and supply diagram, show its impact of price and quantity. Suppose the
CROP PATTERNS: Analysis of crop patterns in India should relate to the following aspects: a) The relative significance of different crops/crop groups in the overall area u
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prove that marginal utility of x=the price of commodity x.
Clearly explain the distinction between supply, demand and equilibrium price.
implications of varios market structure for price determination
Lynne’s income is $2, 000 and she is risk averse. The probability of someone slipping on her stairs is 1 8 . If this happens, she will be sued for $1, 000 and will have to pay that
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How is microeconomics differed from macroeconomics? Microeconomics focuses onto how decisions are made through individuals and firms and the effects of those decisions. For exa
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