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Risk Loving - A person is a risk loving if they show a preference toward the uncertain income over a certain income having same expected value. Examples: Gambling, some
Duality Theorems: The relationship between the direct and indirect utility functions may be described by a set of duality theorems. The following illustrative theorems are pro
How are the limitations of the economics theory affected? Limitation of Economic Theory: While examining the generality of an economic theory, one must realize any assump
Player 2 C B A 1,2 3,2 B 2,3 a, b Player 1
EXPLAIN KINKED DEMAND CURVE
Consider the following flow (in thousands of people) between the various labour market states in a particular month:
what is iso curve
Problem : (a) Using examples of Least Developed Countries, explain the: (i) causes of market failures; and (ii) consequences of market failures (b) Describe the common
The prevention of major swings in economic activity can be handled most easily by the
concept of narrowness in pure economics
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