walfare function expected utility,game theory and minimum an
please help me in doing the attached documents
This needs to be identified that general abandonment of supposition of perfect competition, universal adoption of supposition of monopoly, need to have extremely destructive consequences for economic theory.”
Liz admitted a pay cut in May and consequently start cooking at home more and dining out less frequently. Her adjustments provide illustrations of the: (i) Substitution effect. (ii) Income elasticity of the demands for various goods. (iii) Law of diminishing marginal
Normal good: It is a good for which, other things equivalent, a rise in income leads to a rise in demand.
Oligopolies are least expected to emerge due to: (1) economies of scale. (2) price discrimination. (3) strategic barriers to entry. (4) mergers. (5) legal barriers to entry. Can anybody suggest me the proper explan
Money: Money is what money does. Or Money is something that is accepted as a medium of exchange and at similar time act as a store of value.
Hello, I did attach case study on Microeconomics. Regards,
The demand for an exact good tends to be relatively more price elastic when the good: (1) has various close substitutes and very little complements. (2) is taken as a necessity in place of a luxury. (3) is an inferior good. (4) is rel
Imports and American cars are close nevertheless not ideal substitutes. When the U.S. government tried to boost American car sales through setting a price ceiling of P1 upon imported cars in that case: (w) the quantity of cars imported will
What is the marginal rate of transformation or marginal rate of substitution or marginal opportunity cost? Answer: It is the ratio of units of one good scarified to
Can someone help me in finding out the right answer from the given options. The speculator who purchases wheat at harvest time throughout the late falls or early on winter, contracts for its storage, and then vends the wheat afterward in the winter, spring or in summe
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