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a. Generally, there will be a difference between the CV and the EV. Why?
b. The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled.
illustration for demand of big macs using indifference curve and budget line
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Why is it considered well to bring all BOP's to zero? If BOP of any country is zero, it reflects that the present account of that country has sufficient balance to meet the n
Business sell to households in the resource markets, but households sell to businesses in the product market
Nucleic acids perform two important functions 1. Replication: It is the property of biomolecules to synthesise exact copy of it. DNA has this unique property of duplicating it
Functions of the Central Bank: Currency issue and distribution: The Central Bank is the only institution empowered by law to issue currency notes and coins that are used as a
Ask qExplain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the com
IN YOUR OWN WORDS,HOW DO YOU DIFINE TRANSPORT ECONOMICS?GIVE RELAVANT EXAMPLES OF THIS AREA OF ECONOMICS.
concept of supply
Island Economy: Consider an economy as a sea with islands of local markets. Each household produces goods and sells them on one and only one of the arrays of these markets. Go
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