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Value Added:Value added in a particular stage of production equals value of total output, less the value of intermediate products (comprising raw materials, capital equipment and o
ROLE OF INFRASTRUCTURE IN THE ECONOMY: Economic Infrastructure produces services that directly facilitate and are basic to the carrying out of a wide variety of economic activ
Problem 1: The last half-century has witnessed major changes in the role that governments of developing countries have played, especially in terms of public spending. (a) Ex
Axioms: Revealed preference theory is based on the axioms listed below. • Consumer will spend all her income on goods. The consumer equilibrium always remains on the budg
What is the theory of second best
The act of production involves the transformation of inputs into output. Production is a transformation of physical inputs into physical inputs into physical output. The output is
Explain how unemployment could be voluntary or involuntary . Start off with a definition of the labour force and then outline the proportion of the labour force which would be
Why total product continues to increase despite a decrease in the marginal product?
STETE THE THEORIES OF DETERMINATION OF RENT
what are the various types of cost curves?
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