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What is Economic Theory?
An economic theory that can be considered an axiomatic approach comprise a set of assumptions and circumstances, an analytical framework and explanations and/or predications as conclusions which are derived by the assumptions and the analytical framework.
As any science, economics is relate along with the explanation of observed phenomena and also creates economic predictions and assessments based onto economic theories.
Economic theories are improved to describe the observed phenomena into terms of a set of fundamental assumptions and rules.
How economic theory explain optimum pattern of consumption for an individual consumer
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What main features are found in oligopolies? Assumptions of oligopoly Four or five firm concentration ratio Frequently there are benefits of scale to be had Merg
Explain why goods provided by natural monopolies are often publicly owned. It would seem that most normal monopolies come with high MSB and also that society has deemed these g
Hi, Can you help with writing ten pages, each page deferent topics about Karl Marx economic views. It will be in english as a second language. Nothing fancy. Just simple straight
math question
consumer equilibrium by indiffrence curve approach
The Money Multiplier is explained below: If you see carefully, the money multiplier is nothing but an inverse of a reserve ratio. Therefore, we can write MM = 1/rr, where rr is
THEORY OF PRODUCTION: Production activities related to goods and services require inputs. Typically, the set of inputs includes labour, capital equipments and raw materials. T
Cyclical Fluctuations: Consider a situation where the value of money above trend indicates an unexpectedly high level of money in the recent past. The model predicts that this
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