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Q. Who will participate and how decision will be made are issues concerned with Public Choice.
Whether participants are guided by social concerns or they harbour their private interests as well and what implications of different behaviours are. Whether participants are citizens or their elected representatives and how they were elected, or they are part of selected personnel of bureaucracy. Whether it's voting by secret ballot for election of representatives or a committee is meeting using no-dissent rule or a board is meeting where chair finally rules.
Our economic systems are of this type and share for general properties. a) Dissipative systems transform energy and process information to maintain a state of organization that
Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production functio
critically examine that privatization can always decentralize economic power
Industries in the country of Technologia invest in latest equipment that annually enhance productivity of private workers by three percent. Government employees do not profit from
Q. Is Heterogeneity the sole cause of conflict of interests? Explain heterogeneity as a cause of variation of aspirations of agents leading to formation of various special inte
Suppose the firm mark up over the cost is 10% and the wage setting equation is W=P (1-u) where U is the unemployment rate. a) Find out the real wage rate implied by the price se
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Graphthe market for water park business, labeling the demand curve, the social-value curve, the market equilibrium level of output, and the efficient level of output. What is the p
3 voters, A, B, and C, will decide by majority rule whether to pass bills on issues X and Y. Every of the two issues will be voted on indiviually. The change in net profits (in dol
Only limited progress has been made in modeling of dynamic process of institutional change, therefore, limiting the concerned policy options. It has been identified that innovatio
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