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Problem:
i) Differentiate between economic development and economic growth.
ii) Describe carefully how, using the expenditure approach, national income is calculated.
iii) Critically analyse the different measures of economic development.
iv) Describe using diagrams why a 10% increase in investment leads to a higher percentage increase in National Income?
Slutsky's Theorem: Graphical Presentation We prove here that own price effect is the sum of own substitution effect and income effect for a price change, which is known
price of laptop increases by 20% and there is a 40% drop in the quantity demanded?
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Q. Explain about Neoliberalism? Neoliberalism: A modern, harsher incarnation of capitalism that became dominant globally beginning in early 1980s, largely as a reaction to inte
Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest
edge worthmodel
The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. What would answer be
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Long run equilibrium - Perfect competition: In the long-run, on the other hand, the firm in perfect competition is making normal profit or zero economic profit as shown in Fig
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