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Q. Describe Classical Economics?
Classical Economics:Tradition of economics which began with Adam Smith and continued with other theorists including Thomas Malthus, David Ricardo, Jean-Baptiste Say and others. Classical economists wrote in the early years of capitalism and they uniformly celebrated productive, innovative actions of new class of industrial capitalists. They focused on political development and dynamic economic of capitalism, analysed economics in class terms and advocated the labour theory of value.
Jane receives utility from days spent travelling on vacation domestically(D) and days
Why is investment so important in an economy? Define investment as an enhance in capital stock and link this to broad macro issues; future output, enhance in living standards, ta
What is average revenue and average revenue curve Average Revenue: The average revenue is the total revenue separated by the level of output. It is therefore the price.
1) Describe (with an example) how trading can lead to an increase in world output if countries specialize in the good in which they have a comparative advantage. How does the intr
Explanatory research is research conducted in order to describe any behavior in the market. It could be done by using questionnaires, group discussions, random sampling, interview
Model in economics is the permanent income hypothesis, which basically states that a household''s expenditures will not react to a change in income unless that change in income is
Q. Explain about Demand - Constrained? Demand-Constrained: An economy is demand-constrained when level of output and employment is limited by the amount of overall demand (or s
The monetary calculate of the welfare associated with the change in the provision of some good. It is not to be confused with monetary value, unless the latter is explicitly desig
There are 2 brands of cell phones that are almost identical except for some minor features: the A-Phone and the Pomegranate. Part I Draw the demand curve for the A-Phone. Explain
how to make attractive assignment on theory of supply
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