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Results tagged with microeconomics
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user 15121
Microeconomics is a branch of economics that studies the market behavior of individual actors (usually firms and consumers) and the aggregation of their actions in different institutional frameworks (usually the market).
-1
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Anything written on the process behind "multiplicative" production function?
As I understood from my lectures, a multiplicative function means that the marginal product of one factor increases when another factor increases, and decreases when another factor decreases. The extr …
- 1,344
3
votes
Explanation Rational Expectations
The concept of rational expectations asserts that outcomes do not differ systematically (i.e., regularly or predictably) from what people expected them to be. The concept is motivated by the same t …
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