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RECENT DEVELOPMENT OF DEMAND THEORY: The basic theory of consumer behaviour discussed in the previous unit can be extended in many directions, and can be applied to cover opt
difference between the cardinal analysis theory and ordinal theory
Ask question what is frugal economy
Ask qu a.Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this
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
Assess whether market economies have been more successful than planned economies in providing welfare for citizens. The student is expected to outline some of the basic issues
the demand and supply functions for goods are given by demand:Pd=50-3Qds and supply:Ps=14=1.5Qs. where p is the price of a pair of jeans, Q is the number of pairs of jeans a) calc
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
explain the cobweb model of equilibrium
Population census: A population census is the head count of people living in a geographical area or in a country. A population census collects comprehensive data on people to
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