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Axioms: It is possible to construct a utility index which can be used to predict choice in uncertain situations if the consumer conforms to the following five axioms: • A
advantages and disadvantages
What is studying platform? Explain this term in brief. Studying Platform: A studying platform into modern economics comprises some basic economic principles or theories. Thi
Define Law of conservation of mass, Explain briefly, Law of conservation of mass: In all physical & chemical changes the total mass of the reactants is equal to that of the produ
Gains from International Trade: It leads to increased total world production of goods and services. International trade based on comparative cost advantage allows countries to
what is aridge line and significance in economics.
THEORY OF CONSUMER SURPLUS: We discuss the basic concept of consumer surplus and its derivation. A consumer normally pays less for a commodity than the maximum amount that she
how is price and output equilibrium determined in Williamson''s model of managerial discretion?
Define the production terminology in short. Production Technology: Production is the procedure of transforming inputs to outputs. Characteristically, inputs consist of labor
Illustrate and discuss the impliction of various market structures(competitive and non-competitive)
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