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How do economists group countries at various stages of development?
There are three major forms of classifications:
• IMF: Developing and industrial, transitional economies;
• World Bank: A country is classed like being underdeveloped onto the basis of its low and real per capita income,
• UN: based onto composite indices as like Human Development Index (HDI)
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A1. Given the following production function Level of fertilizer Level of maize 0 0 1 44.9 2 83.6 3 110.1 4 127.3 5 136.9 6 139.9 7 137.1 8 129.2 a) Calculate the APP, MPP and elas
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