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f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .
15 and 16
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Explain consumer sovereignty and why it might not be that extensive in real life. Explanation of consumer sovereignty Use of S/D model to show how changes in consumption pat
Explain the Human Development Index Introduced by the UN in 1990, the index take into account not only the goods and services formed but also the ability of a population to use
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
williomson''s model of managerial discretion
Identify the four institutional requirements of markets. The four institutional needs of markets are: Pprivate property, Social institutions of trust, Good physical i
baumol''s theory
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