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What is the difference between 'concept' and 'assumption'?
These two terms are very dissimilar. The term 'concept' refers to an idea or abstract principle. For instances, force, space are concepts in Physics, God can be a method in religious beliefs, time is a method in Metaphysics, demand & supply are concepts in Economics, etc. However 'assumption' means a statement of something that has been taken for granted or something that has been accepted without any real proof.
For example, "people are maximizers" is an assumption in Economics.
explain 6 factors that determine volume of production
nm utility index
Total cost curve (TC) is obtained by adding up vertically total fixed cost and total variable cost curves because the total cost is sum of total fixed cost and total variable cost
Problem 1: i) How might unemployment arise? ii) Critically explain how fiscal policy can be used to reduce the unemployment rate in an economy. iii) ‘'Inflation always
Describe stabilisation policies as by the International Monetary Fund (IMF). Define stabilisation policies as basically a list of demands set forward by the IMF to a debtor nat
Definition of Pareto Optimal Allocation
Let {(y i ; x i ); 1 ≤ i ≤ n} be an i.i.d sequence of random variables where yi and xi satisfy the linear relationship y i = β 0 + β 1 x i + ∈ i with Cov(x i ; ∈ i ) = 0
how a firm will choose its optimal inputs, isocosts and isoquants explanation
discuss and illustrates the following terms with diagrams1.inferior goods.2.normal goods,3.giffen goods
Duopolist P=20-0.1Q where Q=QA+QB CA=QA CB=0.1QB2
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