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A consumer purchases food (X) and clothing (Y). Her utility function is given by: , income is $100 and the price of food is $1 and the price of clothing is Py. a. Derive the equ
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Market Penetration: Indian entrepreneurs have to constantly bear in mind the fast changing trade trends and re-orient their strategies to derive higher yields by way of large
1)The productive capability of an economy is such that to produce 5 units of military good it takes 2 workers to be employed while 10 units of consumer goods require 3 workers. Res
A firm's production function is given by Q = √LK . The price of labour is w and the price of capital is r. a. The price of labour is $5 and the price of capital is $20. What is
DEMOGRAPHIC PROFILE: A demographic profile of India can be prepared out of the data collected by the office of the Registrar General of India who is the responsible authority
LONG PERIOD ANALYSIS: Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. H
Define the Production Possibilities Curve and explain the basic economics concepts using the PPC. Explain the factors tht shift the PPC outwards
What is contraction of supply?
Market supply and Increase in supply: Market supply is the total quantity of a product that all firms in an industry are willing to offer for sale at a given market price an
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