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explain consumer equilibrium diagrammatically as well mathematically by using necessary and sufficient conditions
In the long-run equilibrium, each firm in a perfectly competitive industry will choose the plant size associated with minimum long-run average cost. Is this TRUE or FALSE? And why?
Explain the first-order condition of sufficiency of consumer. Sufficiency of Consumer’s First-Order Conditions This first-order condition is merely essential conditions for
NEER Vs REER: In a situation where there are multiple trade partners, the effect of cross-currency movements are judged by nominal effective exchange rate (NEER) and real effe
What are the determinants of income elasticity of demand? There are three determinants of income elasticity of demand. These are: Degree of necessity of a good: In a developed
baumol''s theory
What is Laffer curve The Laffer curve is named after Professor Art Laffer who suggested that as taxes enhanced from fairly low levels, tax revenue received by the government wo
Suppose that demand is downward sloping and supply upward sloping. Subsidies cause dead weight loss despite the fact that: 1)consumer surplus increases. 2)total surplus increases
Suppose that investment spending increases by $10 million, shifting up the aggregate expenditure line and increasing GDP from GDP1 to GDP2. If the MPC is 0.9, then what is the chan
Indifference curves present all possible combinations of market baskets that give the similar level of satisfaction to a person. Indifference Curves 1. Indifferen
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