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Explain the key assumptions and desired properties commonly used economics.
Economists generally make all or some of the given key assumptions and a condition while they study economic problems as follows:
a. Individuals are restricted rational: self-interested behavior assumption;
b. Scarcity of resources: individuals tackle scarce resources;
c. Information regarding individual’s economic characteristics and actions is unfinished or asymmetric to a decision marker. As like a decentralized decision making is wanted.
d. Economic freedom: It is voluntary cooperation and voluntary exchange;
e. Incentive compatibility of parties: there the system or economic mechanism must solve the problem of interest conflicts in between individuals or economic units;
f. Well-described property rights;
g. Equity into opportunity;
h. Allocate efficiency of resources;
Relaxing any of such assumptions may result in various conclusions.
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Consider two individuals M and F who must split 20 units of good X and 10 units of good Y. Suppose we can represent M's preference with the utility function Um =X ^2 mYm and Fs
assumption of mariss model
GIVE AND EXPLAIN IN DETAIL,ARGUMENTS GIVEN TO EXPLAIN LEONTIEF''S EMPERICAL FINDINGS ON THE HECKSCHER-OHLIN MODEL OF TRADE.
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Define Nash equilibrium
how do minimum unit costs change with changes in fixed cost?
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