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Problem 1:
(a) Explain the common set of problems that developing countries usually face.
(b) In your opinion, which of the problems described in part (a), are more significant to Mauritius? Justify your answer.
(c) Critically assess whether education is a source of economic growth and development.
Probelm 2:
(a) Describe the different views on development.
(b) Describe why development must be conceived as a dynamic and multidimensional process, involving major changes in every aspect of a society.
The definition of a price maker is states as “firm with some power to set the price bcoz the demand curve for its output slopes downward”, that in effect, mean those firms with a d
Where the equation of isoquent drived from?
How does planning serve as a solution to economic problems?
Answer in True or Flees 1. "Revealed preference methods for valuing environmental services and goods (for example hedonic price method, travel cost model, etc.) can reveal non-
Demand Curve The demand curve is a graph which presents the amount of a good that consumers are willing and able to buy at various prices. A normal demand curve is downward slo
Income and Substitution Effects: Normal Good * The Special Case--The Giffen Good - The income effect may be large enough theoretically to cause the demand c
Why do some people believe that a mixed economic system solves basic economic problems? Ans) It is due to the private sector and public sector both have a say in answering the
the law diminishing marginal utility explain through flow chart
What is use of analytical tools in the modern economics? Analytical Tools: Modern economics also gives different powerful analytical tools which are usually specified by geo
Factors of Production : The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups: Land - all natu
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