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1. Consider an individual facing a wage rate w . There's a total of 100 hours available for work or leisure in a week. (a) Represent his budget constraint graphically (b)
can economic laws proved universly
Location of industry and localization of industry: Location of industry tries to answer the key economic question "where to produce". It involves deciding on the area that an
prove the theorm with the help of diagram
Explain how oligopolies can work both for and against consumers. Oligopolies market power can of course work against consumers - as price-setting and any form of collusion will
Is it possible for a firm to experience a technological change that would increase the marginal product of labor while leaving the average product of labor unchanged?
Why do demand curves generally slope downward? The demand curve slopes downward because in general, the higher the price of the good, the fewer people will need to buy it.
Factors determine the price elasticity of supply: The price elasticity of supply varies widely across different products. Some products have more leastic supply, while others
DETERMINATION OF FIXED EXCHANGE RATE: In the flexible exchange rate regime, exchange rates are highly volatile which leads to uncertainties in the international payments/trans
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