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Describe the poverty cycle and suggest how a developing country can break the cycle.
The poverty cycle is explained as the trap developing countries can land in; low incomes → low saving →low investment→low incomes. As for the issue of breaking the cycle there are a range of possible suggestions, all of which unfortunately encounter any number of other obstacles.
The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif
1. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current
Question 1: (a) Using examples, explain the difference between time-series, cross-sectional, and panel data. (b) Formulate a simple linear equation, and carefully explain
Mr. Smith can cause an accident, which entails a monetary loss of $1000 to Ms. Adams. The likelihood of the accident depends on the precaution decisions by both individuals. Spe
Health and Life Expectancy: In addition to struggling on low income, many people in the developing nations fight a constant battle against malnutrition, disease and ill healt
Change in consumer income: A change in consumer income may bring about a change in the quantity demanded of a good or service. However, the direction of change in quantity deman
Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o
write down the assumotions and importance of game theory
suppose, as in the federal income tax code for the united states, that the representative consumer faces a wage income tax with a standard deduction. That is the representative con
The price elasticity ( ε ) of demand for Q has been estimated at -0.5. Current consumption Q* is 70 units and market price (P*) is 0.70. a. Fit a linear demand curve to the obs
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