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Conventions as a Basis for Forming Expectations : Since there is little objective basis for probability distributions about future yields, decision-makers have to act on the ba
Explanatory research is research conducted in order to describe any behavior in the market. It could be done by using questionnaires, group discussions, random sampling, interview
Production Function for Wheat * Farmers should choose between a capital intensive or labor intensive technique of production. Isoquant Describing Production of Wheat
Engel Curves -Engel curves relate quantity of good consumed to income. -If good is a normal good, Engel curve is sloping upward. -If good is an inferior good, the Engel c
critically analysis firm theory of profit maximization?
Employment The calculations of human input in the production procedure. In the United States, there are two major measures of employment, as determined by the Bureau of Labor
Transfer Payments: Governments typically redistribute a share of tax revenues back to specified groups of individuals in form of several social programs (like welfare benefits, pub
What is an index number?compile a chart of the types of consumer price index numbers showing-the agency who prepares it,index formula,target group,groups of items covered and the w
International Monetary Fund: International Monetary Fund (IMF) is one of the two institutions that were established as a result of the Brettonwoods Conference in 1944, the oth
Double Jeopardy A condition where an entrepreneur's main source of income and net worth depend on the entrepreneur's organization.
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