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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.
Ask qdescribe average and marginal revenue under imperfect competitionuestion
Mikes' preferences for consumption and leisure may be represented by the Utility function: u(C, L) = ( C-200)*(L-80) . His marginal utilities of leisure and consumption are (C-200
the existance of a labor marketcharacterised by perfect competition is a fallacy.discuss
Public Administration: According to L.D. White, "Public administration consists of all those operations having for their purpose the fulfillment or enforcement of public polic
What are the economic and social costs of high inflation levels? High inflation will have serious redistribution costs; make distortions to the economy; decrease international
All about matter
Factors Shifting Demand Curve -
definition of abnormal isoquant and normal isoquant
MRP Technique- Sectoral Distribution of Targeted Increase in GDP There are two ways of increasing the GDP: (i) Project and accomplish the growth in various sectors through
three marginal conditions of pareto optimality
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