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