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Composition of Trade: It is indicative of the structure and level of development of an economy. For instance, most of the UDCs depend for their export earnings on a few primar
factor influencing quantity supplied
THEORY OF COSUMER BEHAVIOUR: BASIC THEMES: We elaborated two classical theories (viz. Cardinal Approach and Ordinal Approach). In ordinal approach discussing the indifference
Austrian economics is a brand of neo-classical economics that was established in Vienna during the late 19th century & first half of the 20th century. Austrian economics was strong
Pollutant Any substance, species produced either by a natural source or by human activity, which produces very adverse effect on the environment is called pollutant. Some commo
Aggregate household indebtedness: This is the purchasing power of the sum of money outstanding that households have borrowed and are currently obligated to repay. If household
Q. Strength of the multiplier in microeconomics? Multiplier: An initial stimulus to spending (in form of new consumer, business or government purchases) generally results in a
Problem 1: How can a manager of a supermarket maximise total revenue using various concepts of elasticity of demand? Use examples to illustrate. Problem 2: What are the
Much of the supply-side, fiscally conservative economic policies of Margaret Thatcher, Ronald Reagan, and even Mike Harris in Ontario were predicated on the belief that high income
Average Fixed Cost (AFC): AFC is the fixed cost per unit of output. AFC = TFC/y Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore
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