Explain the term "budget deficit" as it relates to business and economics. Define the term "Market" as it relates to economics. Define the market equilibrium. Write down the definition of the following economic terms: Inflation Define or describe the following term: Microeconomics. ...
Assume a consumer has the following utility function: U (x, y) = x+ ln(y). This consumer also has a limit budget, M, that she can spend on goods x and y. A) Derive the constrained utility maximizing What is the definition of marginal tax rate? Explain. ...