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what is the theory of Second best? Prove the theorem with the help of a diagram.
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
Dynamic Changes in Costs: The Learning Curve * The learning curve measures impact of worker's experience on costs of production. * It describes relationship between a firm
Explain how automatic (fiscal) stabilisers may help to lower fluctuations in the business cycle. Definition of automatic stabilisers as built-in to the system in terms of trans
Basics of Theory of demand: The most famous approach in the history of consumer behaviour, after indifference curve approach, is the revealed preference approach. In the revea
define statistics in plural and singular sense
#question meaning ..
how does utility figure in the analysis of consumer demand
Consider a hypothetical nation, Solowland, which were in the steady state. We consider a constant return to scale production function based on two production factors, labor and cap
explain diagrammatically the bains model of limit pricing.
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