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.
Briefly describe composite cost of capital? And also describe the procedure to calculate composite cost of capital?
Critically evaluate: “In comparing the two equilibrium positions, it note that a larger amount is actually purchased at a higher price. This disprove the law of demand.”
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Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?
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Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
Illustrate Rational Behaviour of Economic Perspective?
surpluses drives price down,shortages drive up
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Illustrate the Comparative advantage and terms of trade?
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