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Neoclassical economics is dominant approach to economics currently taught and practiced in most of the world (and particularly dominant in Anglo-Saxon countries). It attempts to explain behaviour of the economy on the basis of competitive, utility-maximizing behaviour by workers, companies and consumers. Their actions in the markets for both factors of production and final products willmake sure that all available resources are fully utilized (which is, economy is supply-constrained) and each factor is paid according to its productivity.
What was the price index for 2008, 2009 and 2010?
Problem 1: a. Use the circular flow model to explain the concepts of injections and withdrawals. b. Explain the concept of budget multiplier. c. Using the concept of mult
The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif
What is the difference between decreasing marginal returns and negative marginal returns?
Time is a significant determinant of price elasticity. If a price changes, it might take consumers a certain amount of time to discover alternative lifestyles or commodities to ac
what is le''chatliers principle?
Determine The Rule of Divergence in General Though even if attention is confined to non-communist-ruled economies there still has been huge divergence in relative output per w
how can a consumer get maximum Equlbrim
Implementation of economic policy: On the ability of civil servants and Government to learn, Government must possess the following qualities to ensure implementation of econom
primary reference electrode,she
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