microeconomic analysis, Microeconomics

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what is the theory of Second best? Prove the theorem with the help of a diagram.

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THEORY OF REVEALED PREFERENCE: If consumer's taste and preferences do  not change, then observation of her market behaviour or, actual act of choice between the commodity sets

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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

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