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a) Microeconomics is concerned with decision-making within the firm, household or on the individual level, but macroeconomics is concerned with the behavior of the whole economic s
What is meant by minimum wage? The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are examined by the forces of sup
What is Expenditure Function? The Expenditure Function: When preferences satisfy the local nonsatiation assumption, in that case v(p, m) will be strictly increasing into m.
Current Account: The Current Account can be broken down into two parts, viz., one, balance of trade, and, two, balance on invisibles. The Balance of Trade (BOT) deals only wit
#questionLook up the real GDP of the U.S. for the 4th quarter of 2007 and compare it with the real GDP for the 2nd quarter of 2012. What does this tell you about the performance of
How can we identify that something is elastic or inelastic? When demand of any commodity does not change with the change in price of that commodity that item is said by inelas
Price Elasticity A measure of the change in demand for a product relative to unit changes in the price of the product. If the percentage change in quantity demanded is greater
Non-existence of Objective Probability Distributions : Let us see why expectations are volatile in nature? According to Keynes (1936, pp. 149): "Our knowledge of the fact
How do we measure economic growth and why do we need economic growth? (ii) What can governments do to stimulate economic growth and create jobs? (provide some current examples) (ii
reason for kinked demand curve
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