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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.
Let Consider the following insurance market. There are two states of the world, B and G , and two types of consumers, H and L, who have probabilities p H =0.5 and p L
composite supply v/s joint supply
Highlight the few heading of it
a) Explain the conditions under which a monopolist is able to price discriminate. b) Demonstrate the relationship between a firm's marginal revenue function and its relationship
what is the importance of law of supply
economic problems are faced by all types of economies but they are dealt with differently in different types of economies.discuss
Question : (a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether c
What happens when oil eventually runs out?? can''t we just pay doctors and nurses more money?? The unemployed should get off their backsides and get a job??
scope of microeconomics
A surplus on the current account of balance of payments can be financed by? 1. Inflow capital on capital account 2. A surplus on the government budget deficit 3. lending abroad on
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