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different types of production funtion and curve given by different economist
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Individual Demand Substitutes and Complements 1) The two goods are considered substitutes if an increase (decrease) in price of one lead to an increase (decrease) in quant
Why narrowness of definition of a commodity may influence price elasticity of demand
1. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current
in economics what is cobb douglas theory?
Explain the how the classical school views the role of markets and government intervention in fighting business cycles The classical school believes in the smooth functioning o
Why is investment so important in an economy? Define investment as an enhance in capital stock and link this to broad macro issues; future output, enhance in living standards, ta
a consumer consumes only two goods x and y is in eqillibrium price of x falls explain the reaction of consumer through utility analysis
Which assumption of Classic OLS does this model violate?
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