Describe the concept of hydraulic geometry in simple terms. How are microeconomics and macroeconomics interconnected? What is price determination in economics? How would a new excise tax affect the supply curve? What is opportunity cost in macroeconomics?
Explain the following statement. "The higher the potential return on an investment, the higher the risk." Provide a literal and mathematical definition for the elasticity of scale. Comment on the difference between returns of scale and economies of scale. Describe the concept of marginality a...