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applicability of the lewis model in developing countries
A profit maximizing firm has a production function such that: Y=K2L2 a) If P=10,rk=2,andWL=3 , what would be its optimum be? How can you show that it is a maximum? b) How
TOWARDS A NATIONAL ACCOUNTING SYSTEM A real life modern economy is a very complex structure consisting of millions of units engaged in a variety of economic transactions. Ther
Malaysia’s Bank Negara has cut the country’s economic growth forecast to between 4 and 5 percent for 2012, weighed down by Europe’s economic woes. Discuss ONE (1) demand-management
A farmer grows wheat and sells it to a miller for $1; the miller turns the wheat into flour and sells it to a baker for $3; the baker uses the flour to make bread and sells the bre
Given the above trade between the two countries, explain the trade effects on product prices, and factor incomes. Why do these effects occur?
1. An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is equal to A) The cost of bait and any other monetary expenses. B) Zero, becaus
Application of Theory of Consumer Behavior As already discussed earlier, the theory is an important tool to interpret and analyse demand curves. Apart from its usefulness as a
For you and other Mexican farmer-ranchers rice is a substitute good for corn as basic food stuff for human consumption. If the market price for feed corn and rice were the same bef
The study of the overall aspects and workings of a national economy is like as income, output, and the interrelationship between diverse economic sectors. It is the study of all as
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