Start studying AP Macroeconomics: Unit 4. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
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The rate of substitution will then be the number of units of Y for which one unit of X is a substitute. As the consumer proceeds to have additional units of X, he is willing to give away less and less units of Y so that the marginal rate of substitution falls from 5:1 to 1:1 in the sixth combination (Col. 4).
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As you prepare for your AP Psychology exam, you will encounter many theories of emotion. One of the most important is the Schachter Singer theory of emotion, which is also known as the two-factor theory of emotion.
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Average product, as the name suggests, refers to the per unit total product of the variable factor (here, labour). Hence, the calculation of Average Product is also very simple. AP = Total Product/ units of variable factor input = TP/L. Note that Total Product can also, therefore, be calculated as TP = AP x L. TP, MP, AP: Shape of the Curves
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Get help from an expert Economics Tutor. Economics is the study of how societies, businesses, governments, and people make use of their scarce resources. It’s useful information for making everyday choices, or for a career as an economist, analyst, or accountant. Studying economics isn’t easy, though.
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The AP Exam •2 hrs, 15 mins •Section 1: MCQs –60 minutes –75 questions •Section 2: FRQs –75 minutes –3 questions 50% MCQ 50% FRQ
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Macroeconomics is ‘non-experimental’: like, e.g., history, macro-economics cannot conduct controlled scienti ﬁc experiments (people would complain about such experiments, and with a good reason) and focuses on pure observation. Because historical episodes allow diverse interpretations, many conclusions of macroeconomics are not coercive.
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Introduction to Applied Statistics: Lecture Notes. Chapter 1 - Introduction to Statistics. Definitions; Notes; Generating Random Numbers on the TI-82; Chapter 2 - Describing, Exploring, and Comparing Data
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In this unit, you'll learn about open economies, how a country's transactions with the rest of the world are recorded in the balance of payments accounts, how market forces and public policy affect the foreign exchange market, and how changes in net exports and financial capital flows affect financial and goods markets.
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