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Why concept of Elasticity is important in economics? Elasticity is very important concept in economics because it affects the decision of individuals as well as of the whole e
A Period of Transition and Improvement: These few years stand out as the golden years for India's BOP. India had a small current account surplus (0.6 per cent of the GDP on an
Describe Dalton''s law of partial pressures, specification of Dalton''s law of partial pressures, Dalton''s law states that, at a given known temperature total pressure exerted b
I am risk averse, and trying to maximize my expected value of c0, 5, where c is my fortune. I have 50.000 in cash, and also art with a value of 200.000 which I keep in my basement.
Consider a hypothetical nation, Solowland, which were in the steady state. We consider a constant return to scale production function based on two production factors, labor and cap
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
Economic appraisal - Appraisal , which seeks to quantify, and where possible calculate the welfare impacts from, the costs and benefits of a project or policy.
Purchasing Power Parity (PPP): The exchange rate is determined by the relative purchasing power of currency withineach country. For example, if a product X costs Rs. 100 in I
1) What are the most important challenges that economists try to address? (2) What is the role of government in a market based economy? (3) Who are the main economic players
Steel and aluminum production Steel Canada 500, France 1200 Aluminum Canada 1500, France 800 The maximum amount of steel or aluminum that Canada and France can produce if they full
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