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Define the planned or command economy system.
Planned or command economy:
Resources are owned through the state. The state assigns resources, and sets production goals and growth rates as per its own view of people's requirements. Income distribution is decided through the state. Prices play small or no part into informing resource allocation decisions as well as queuing rations scarce goods.
total outlay method as a measure of elasticity with application
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In the model with utilities W i = c i + α ln(x i ) where individuals are endowed with ability levels w p m R and form fractions π p , π m , π r with π m > π p , π r
What is the difference between an essential and adequate condition for growth? Essential and adequate conditions are helpful analytical and evaluative elements. As like exampl
Aska) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the c
A1. Given the following production function Level of fertilizer Level of maize 0 0 1 44.9 2 83.6 3 110.1 4 127.3 5 136.9 6 139.9 7 137.1 8 129.2 a) Calculate the APP, MPP and elas
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What are the disadvantages of a informal economy?
In your own words, describe the meaning of average cost. You normally buy a crate of wine for $75. One crate has 6 bottles of wine. After a month, the store clerk informs you that
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