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Elastic and Inelastic Demand can be understood as follows: Slope and elasticity of demand have an inverse relationship between them. When slope is high elasticity of demand bec
Why has it been difficult to produce a single estimate of an environmentally adjusted or "greened" GDP? What are the two approaches that can be used to put a value on environmental
TC = Q3 – 8Q2 + 68Q + 4, get the median and mode
Problem 1 : (a) What are the main assumptions behind the macroeconomic theory of New Classical Economists? (b) Describe the Lucas Supply function and explain its policy imp
Example: The Value of Clean Air Air is free in sense that we do not pay to breathe it. Question: Are benefits of cleaning up air worth the costs? People pay extra to buy
Problem 1: (a) Explain the meaning of poverty. Briefly explain how poverty is measured? (b) Clearly explain the relationship between Poverty, Inequality and Economic Growt
The Concept of Money: Money or paper currency serves three functions in any case: it is the medium of exchange, a store of value and the unit of account. Before paper money was
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Iso-quant: The dots in the above Figure denotes the various combinations of (L, K) that the producer can pick up from form to produce. Among these combinations, there can be t
What are the economic implications of income inequality? How can economic theory be helpful to analyze the causes and impact of income inequality? What are the concerns and how the
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