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What is economics about?
Economics:
Economics is a social science which studies individuals’ economic behavior, economic phenomenon, ands also how individual agents, as like consumers, firms and government agencies, create trade-off choices which allocate restricted resources with competing uses.
People’s desires are infinite, but resources are inadequate, thus individuals must make trade-offs. We require economics to study this basic conflict and how these trade-offs are best made.
What is Laffer curve The Laffer curve is named after Professor Art Laffer who suggested that as taxes enhanced from fairly low levels, tax revenue received by the government wo
causes for emergency of monopoly
Question (a) Describe clearly the three concepts of elasticity of demand. Use appropriate examples and diagrams to support your answer. (b) Consider you have been appointed
Explain in detail the concept of PPC with suitable eg.
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
Modern cost curves theory
In June 2009, Textile co. (a domestically located firm) purchased 1000 yards of cloth from India (a foreign country) for $1000. Textile co. hired Elizabeth and paid her $5000 to s
Private Returns Versus Social Returns As there is subsidisation of education by the state in all countries (and a little higher subsidisation in developing countries) it happe
The Healthy Spring Water company sells bottled water for offices / homes. The price of the water is $20 per 10 gallon bottle and the company currently sells 2,000 bottles per day.
Consumer Choice * Decision making & Public Policy - Selecting from a non matching and matching grant to fund police expenditures
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