Define Dependent and independent variables
Define Dependent and independent variables?
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While influential Economists that are often interested which variable are the “cause” and which the “effect” is when two variables appear to be related.
In applying the rule Mathematicians are always consistent that the independent variable or “cause” is placed on the horizontal axis and the dependent variable or outcome (effect) is placed on the vertical axis.
Economists are traditionally as well as less tidy those have put price and cost data on the vertical axis.
Opposite interactions are downward sloping to the right and direct relationships are upward sloping to the right regardless of which variable is placed on the horizontal or vertical axis.
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Which of the given is not a characteristic of a perfectly competitive market structure: w) there are a very huge number of firms which are small compared to the market. x) All firms sell the same products. y) There are no restrictions to entry through
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Question: Ambrose consumes two goods, peanuts (x1 ) and a composite good (x2). He has a utility functionU = 4 √x1 + x2. This means his MU1 = 2/ √x1 an
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