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Ask question #Minintroduction to recent development in demand theory
Special Drawing Rights: The late 1960s witnessed that the growth in world resources did not keep pace with the growth in international trade. The slackness in the growth of re
Hotel rooms go for $100/room and sell 1000/day; if taxed at $10/room and rate goes to $108 and 900 rooms are sold, what''s the tax revenue and dead weight loss?
Calculate Marginal Revenue
Features of monopolistic competition: Large number of firms in the industry. There are many small firms each supplying only a small share of the total market output. Hence, no
discuss scarcity,choice and opportunity cost
. Crumble Corporation produces cookies. Here is the relationship between the number of workers and output (in dozens of cookies) in a given day: Workers Output Marginal Product
is a hotdog vendor''s stand a good example of diseconomics of sale?
Measuring Cost: Which Costs Matter? Accounting Cost versus Economic Cost - Accounting Cost Actual expenses and adding the depreciation charges for the capital equip
Stock of durable goods on hand: If the economy has enjoyed an extended period of prosperity, consumers may find themselves well supplied with various durable goods, e.g. cars,
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