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MRP Technique - Estimating the Level of Output for the Target Year
Taking into account several parameters of economic growth such as past trends, present as well as proposed investments at the macro-level, population pressures, etc. the desired target of economic growth in terms of GDP per capita for a given year in future will be set.
The GDP per capita of the accounting year will be taken as base year. The year for which a desired GDP is targetted is the target year. Increases in output required to fill up the gap will be computed taking into consideration the growth rate of population.
Explain the difference between a change in quantity demanded and a change in demand. Change in quantity demanded" refers to movement with the demand curve. For instance, if th
explain two theories of economic rent
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Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
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