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what is the theory of second best? prove the theorem with the help of a diagram.
Socialist Economy: The material means of production are owned by the whole community represented by State under socialist form of economy. All members have equal right in the benef
Suppose that there are n bidders whose valuations vis are drawn independently and identically from the distribution F over [0, ?]. Describe and derive the symmetric , monotonic equ
Explain about the specification of economics environments. Specification of Economic Environments: The primary step for studying an economic issue is to identify the econom
How elasticity is always referred to as a positive value even though it can be negative? In economics, elasticity is measures of the incremental percentage change in single va
Functions of Money Money performs several important functions. It serves as a medium of exchange, a unit of account, a store of value and a standard of deferred payments. In a
A company a product using labor (L) and raw material (R) with Q = 80L^0.2 R^0.8. If labor costs $20 per hour and raw material $40 per unit, what is the optimal combination (least c
The law of supply is that producers will supply more the higher the price of the commodity. The supply curve is an upward sloping function showing a direct relationship among pric
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. The narrowness of the definition of the commodity
GROWTH OF REGIONAL FINANCIAL INSTITUTIONS: We find many levels of groupings of nations in the international arena. Groups of countries that share borders often have semi-perma
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