Illustrate and clarify the economizing problem
Illustrate and clarify the economizing problem?
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A. Assumptions:
1. Economy is operating efficiently (full employment and full production).
2. Available supply of resources is fixed in quantity and quality at this point in time.
3. Technology is constant during analysis.
4. Economy produces only two types of products.
B. Choices will be necessary because resources and technology are fixed.
Explain this statement: “If resources were unlimited and freely available, there would be no subject called economics.”
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One of my friends can't discover the answer of this question. Give solution of this question. Neoclassical production and cost theory is more realistic than and cost theory and heterodox production. Discuss.
Questions: 1: Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice. Q : Define the term Weak-form market Define the term Weak-form market efficiency. Explain briefly.
Define the term Weak-form market efficiency. Explain briefly.
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What happens to the demand curve when each of these determinants changes?
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