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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.
Since 1990, real income has increased rapidly , yet the average number of children per family has decline ." Three possible explanations for this process are given below.
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demand curve
Which of the following statements is correct? a. Consumers have the ability to buy everything they desire. b. A consumer''s budget line shows the limits to what a consumer can buy.
u=2x^2+3y^2 hence income=310 birr and price=3 birr calculate quntity of x and y the optimize&minmize utilityfor the given income
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