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what is the theory of second best?prove the theorm with the help of diagram?
FACTORS AFFECTING FLEXIBLE EXCHANGE RATE: Shifts in the demand and supply schedules for foreign currency take place on accountof a number of factors. Some of them are enumerat
How elasticity is always referred to as a positive value even though it can be negative? In economics, elasticity is measures of the incremental percentage change in single va
difference between absolute advantage & comparative advantage theory
What is meant by dumping? Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: ma
Inverse Demand Function: If variable factor prices changes, then the isocost line will tilt and consequently, the optimal factor requirement will be different. Suppose the wage rat
Shifts in Supply and Demand When supply and demand vary at the same time, the impact on the equilibrium price and quantity is known by: 1. The shape of the supply and dema
Is economic development is based on goverment Many governments--mainly unelected governments-aren't that interested in economic development. Giving valuable industrial franchis
Suppose taht two people, Michell andJames each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle
If producers expect future prices to enhance, current supply will decline in favor of selling inventories at higher prices later. In other words, supply will reduce (a shift to th
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