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What simplifying assumptions does the traditional macroeconomic model make (in addition to those made in the NIPA)?
The simplifying assumptions are:
1) The household and institutions sector having only households.
2) Only the business sector invests; the household and institutions sector and the government sectors are supposed to only consume
3) Only the business sector produces
If there is an industry and some of the companies get shut down, how would you graph the short run and long run effects
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indiffference curve
schedule and diagram of iso cost
An economy can produce a maximum of either 28 million tons of wheat or 7,000 automobiles, or various intermediate quantities, as depicted in the table below:
2 i) Explain what are the key assumptions by the welfarist approach. ii) Define and discuss the properties of a Generalized Utilitarian social welfare function and represent it
are most local phone companies natural monopolies?
how do cooperative and noncooperative games differ
income=100 price of x=5 price of x2=10 find consumer equilibrium with diagram
Money facilitates market activities and is essential in complex market systems. With money people can avoid the problems associated with coincidence of wants. Between, these pro
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