Exam (elaborations)
Econ 2305 Questions and Answers
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Scarcity? Ans- fundamental problem of economics. Finite. Limited Opportunity cost? Ans- Best foregone alternative Formula for economics? Ans- W Upward arrow infinite (unlimited wants) -------- R (resources) Cobb-Douglas Production Function? Ans- Q= f (K, L) output is a function of K (capi...
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