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Problem: (a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society. (b) Distinguish bet
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The prevention of major swings in economic activity can be handled most easily by the
Explain the importance of well-established property rights in the method of development. Definition of property rights should not begin and end with owning land and buildings b
THEORY OF CONSUMER BEHAVIOR: It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate
What is optimal choice of consumer according to consumer behavior? Consumer's Optimal Choice: In the fundamental problem of preference maximization, the set of affo
what is exceptional demand
Uses of population census: It is used to determine the size and the growth rate of the population at a country. The helps the government in planning for education, transporta
fig2.3 elaplanition of sales maximisation
Objectives of the WTO: The agreement establishing the WTO reiterates the following objectives of the WTO: • Raising standards of living and incomes, ensuring full employm
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