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1. Explain- a. Tragedy of commons b. Free rider problem c. Diminishing marginal utility d. Diseconomies of scale e. Tax incidence f. Elasticity g. Gains from
What is the theory of second best
elasticity of demand of a product in different market forms such as perfect competition, monoply etc.
1. Consider the consumption decisions of R.B. Turbo, a new student at Teachers College, Columbia University. Ms. Turbo has only available $1,000 in monthly income to spend on food
Question 1 Identify the basic postulates of economics Question 2 Discuss the role of price mechanism Question 3 Explain the shape and application of Engel curve
NEED OF REFORMS: Presently Government offices generate a lot of paper work in the form of reports/returns, extended file movement in many cases for clarification of some mino
How are the limitations of the economics theory affected? Limitation of Economic Theory: While examining the generality of an economic theory, one must realize any assump
Ask qdescribe average and marginal revenue under imperfect competitionuestion
Income and Substitution Effects: Normal Good * The Special Case--The Giffen Good - The income effect may be large enough theoretically to cause the demand c
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