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Q. Central Planning of economic system? Central Planning: An economic system in that crucial decisions regarding consumption, investment, exchange rates, interest rates and pri
INDIVIDUAL DEMAND * Price Changes - Using figures developed earlier, the impact of a change in price of food can be shown by using indifference curves. Effect of Price
Define the production terminology in short. Production Technology: Production is the procedure of transforming inputs to outputs. Characteristically, inputs consist of labor
a more simple explanation of the group equilibrium in the short and long run
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THEORY OF COSUMER BEHAVIOUR: BASIC THEMES: We elaborated two classical theories (viz. Cardinal Approach and Ordinal Approach). In ordinal approach discussing the indifference
Derivation Of Ordinary Demand Function: Suppose, and q 1 = (Q 1 1 , Q 2 1 ,..., Q n 1 )T. Let M0 be the money income and p 0 q 0 = M 0 and p 0 q 0 ≥ p 0 q 1 , where p
what is the langrangian function
Estimating Occupational Structure of the Labour Force within Economic Sectors in the Target Year The total output in the economy, the sectoral shares therein and labour produc
List two advantages of markets identified by the authors of the text. Markets can be a significant way of allocating resources. Markets include voluntary exchanges. Another b
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