Per capita GDP is used to measure a country's standard of living. What other economic factors impact the day-to-day life of citizens in a country?

Q: Sophie is offered a performance based wage that will either be equal to $4,200 or to $3,600, each…

A: Expected Value = (50%)(4200) + (50%)(3600) Expected Value = $3900 Here the Certainty Equivalent is…

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A: The diminishing return means the marginal cost should increase as the output increases.

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A: As given data Future worth = $10000 Interest rate = 6% Charges compounded semiannually Time = 3…

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A: Answer: The following formula will be used here: Price index=Nominal GDPRGDP×100 Nominal GDP in 2018…

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A: DISCLAIMER  “Since you have asked multiple question, we will solve the first three subparts for you.…

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A: Note:- Since we can answer only one question at a time, we'll answer the first one. Please repost…

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A: Elasticity basically refers to an economic word that describes how the aggregate quantity demanded…

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A: An import is a good or administration purchased in one country that was delivered in another.

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A: Cost of production means expenditure incurred on factor of production.  Total cost involve varibale…

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A: Answer -    Marginal Cost : - Marginal cost is the cost which any firm need to incur on production…

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A: Complementary goods refers to the goods that can be used together. These goods have a minimum…

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A:

Q: 2) Fill in the missing information in the following tables. For each table, use the information…

A: Marginal rate of substitution (MRS) refers to the rate at which a consumer is substituting one goods…

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A: Nice Mean Nice 2,2 -4,5 Mean 5,-4 -2,-2 probability = β Row wise Player 1; Column wise…

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A: Price elasticity of demand: - Price elasticity of demand measures the responsiveness of change in…

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A: Output sold = 50 units Price = 8 AC = 2 per unit

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A: *Answer:  Introduction Post-Keynesian models Post-Keynesian theory of demand discuss the principles…

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A: Answer: A field of study that integrates psychology and economics is called behavioral economics.

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A: Given: Supply: P=9+0.4Q Demand: P=75-0.4Q

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A: Opportunity costs address the potential advantages that an individual, financial backer, or business…

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A: *Answer:

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A: Perfectly inelastic supply means that the supply will not change when the price changes. Elasticity…

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A: Total amount of loan = $5000, Annual interest rate = 6%  Monthly rate = 0.06/12 = 0.005 Amount paid…

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A: "Since you have posted a question with multiple sub-parts,we will solve first three subparts for…

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A: Labour union is the  organised group of labour which they formed for protection their self from…

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A: FV = 3000 Interest rate = 4% compounded monthly time = 2 Years

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A: The equation of quantity theory of money is: MV=PY M=Money supply V=velcoty P=price level Y=real GDP

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A: Given; Cost function of both the firms;  Firm 1; C1=cq1Firm 2; C2=cq2 Demand function; P=a-Q

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