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What is the difference between 'scarcity' and 'shortage'?
'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce goods, we called this phenomenon 'scarcity'. On the other hand, 'shortage' is explained as the situation where the quantity demanded is greater than the quantity supplied because the market price is lower than the equilibrium price.
Calculating Variance (σ) The standard deviations of the 2 jobs are: The standard deviation is used when there are several outcomes instead of only two. * An Examp
having utility function U(x,y)= x1/2=y1/2, determine the hicksian demand function, expenditure function and indirect utility function.
primary reference electrode,she
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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
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What is optimal choice of consumer according to consumer behavior? Consumer's Optimal Choice: In the fundamental problem of preference maximization, the set of affo
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