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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.
There are various implications of the monopoly model; many of which lead to criticisms of monopoly on issues of both technical /allocative efficiency. The prices and output verifi
Limitations of the Services Sector: The services sector in India, as at present, suffers from low productivity and low quality in spite of fairly large investment in technolog
How has the haberler''s theory of opportunity cost been an improvement over the classical theory of trade
Assume the banking system contains: Total Reserves $ 80 billion Transactions Deposited $800 billion Cash held by public $1
use a graphical illustration to describe briefly what the influence of each of the following be on the market supply of labour,(a) an increase in immigrants, (b) a reduction in wag
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Problem: (a) Given TR = P×Q, Show that Note: TR is total revenue, P refers to price, Q refers to quantity demanded, MR denotes marginal revenue, and ε d shows the p
1. Explain- a. Tragedy of commons b. Free rider problem c. Diminishing marginal utility d. Diseconomies of scale e. Tax incidence f. Elasticity g. Gains from
The Bushman Cinema is the only movie theatre located in the medium-size country town of Sleepy Hollow. The owner wants to charge an admission fee of $10 per seat and past experien
what are the relevance of economics to most business today??
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