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Why do demand curves generally slope downward?
The demand curve slopes downward because in general, the higher the price of the good, the fewer people will need to buy it.
Price Discrimination: occurs when the same product is sold at different prices to different consumers. A monopolist divided his consumers into groups and sells his product at vary
illustrate and explain the changing demand gor big Mac using the indifference curves and budget line
Labor Total Output 1 30 2 50 3 60 4 75 5 80 a) If the price of the firm’s output is $12 per unit and the wage rate is $100 per worker, how many workers should the firm choose to
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
a) Explain the conditions under which a monopolist is able to price discriminate. b) Demonstrate the relationship between a firm's marginal revenue function and its relationship
Natural Rate of Unemployment: According to neoclassical economics, wage rate is determined by a process of labour-market clearing (in which employers and workers compete with each
In 1939 the U.S. economy was operating where in the production possibility curve?
In this part, use the results for market demand for short-run and long run market supply of good x1 obtained in parts one and two. When a change (e.g. income or taxes) is introduce
Explain the axioms of completeness, transitivity and non-satiation using appropriate examples.
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT: The main function of the IBRD is of long-term capital assistance to its member-countries for their reconstruction and de
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