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What are the advantages of leaving the allocation of a countrys resources to the price mechanism?
Ans) The main conditions needed are:1. Either a finite number of agents or products.2. No externalities - That is, the consumption of single person should not harm or advantage anyone else.3. No matter how much a person is consuming, they must be able to be made slightly happier by intense a bit more of something.
Explain the detail central problem of an economy?
value of marginal product
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Highlight the few heading of it
cobb douglas production function?
The role of trade union to improve the lot of the workers is also important when there prevails the conditions of Monopsonisitc discrimination is said to prevail when the monopsoni
ASIAN DEVELOPMENT BANK; In addition to the World Bank family, there are three other international lending agencies operating only in specific geographical area, but run on lin
what is microeconomics
Phillips Curve and Inflation-Unemployment in policy making : In the General Theory (Keynes, 1936) we noted that the state of expectations was taken as given. There was, in ad
Absolute advantage is the simplest yardstick of economic performance and it may be simply describe as If one person or a firm or a country may produce more of something with the sa
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