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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 situation or working one more hour in exchange for two additional units of consumption. Is this agent maximizing is utility? Why? Should he be working more hours? or fewer?
Axioms: Revealed preference theory is based on the axioms listed below. • Consumer will spend all her income on goods. The consumer equilibrium always remains on the budg
Comment on the current account trend since 2013 till 2015
Do the laws of economics still work today? use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can shift the
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
WHAT ARE ROLE AND ASUMPTIONS OF ECONOMIC THEORIES
SHOW MATHEMATICAL EXAMPLE
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
my assignment is about richardian model and wanna ask you about few questions
what is the theory of second best? prove the theorem with the help of a diagram.
1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
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