Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Explain about the duality between direct and indirect utility.
Duality between Direct and Indirect Utility:
While seen how one can recover an indirect utility function by observed demand functions through solving the integerability equations. Now see how to resolve for the direct utility function.
The answer demonstrates quite nicely the duality between direct and indirect utility functions. This is most convenient to define the computations in terms of the normalized indirect utility function, there prices divided by income therefore expenditure is identically one. Hence the normalized indirect utility function is specified by
v(p) = maxx u(x)
that is px = 1
what is the theory of second best ? prove the theorem with the help of a diagram ?
The prevention of major swings in economic activity can be handled most easily by the
Physical Capital: A tangible tool, machine, building or other productive asset that is used to produce other goods or services. Pollution: Many economic activities involve disch
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
WHAT ARE ROLE AND ASUMPTIONS OF ECONOMIC THEORIES
Functions of the WTO: The WTO performs the following functions: • It administers through various councils and committees the 29 agreements contained in the final act of
Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.
explain how macro and micro issues may be represented using production possibility curve
Which of the following industries do you think are likely to exhibit large economies of scale? Explain why in each case. a. House building b. Electricity generation c. Market ga
what is price elasticity of demand ? write briefly with explaining it''s type.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd