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Curvature of the Iso-quant: An iso-qunat is convex to the origin. This is so because as more and more units labour are employed, the producer would prefer to give up less and
advantage dis advantage of pure monopoly
Factors that calculate price elasticity of demand: The proportion of Income spent on the Commodity If the price of a good is relatively low such the expenditure on it is a
What are the basic analytical frameworks of modern economics? The fundamental analytical framework of modern economics: The fundamental analytical framework for an econom
What is the theory of Second Best? Prove the theorem with the help of a diagram.
When a worker is fired orlaid off, they experience a significant out-of-pocket cost. That cost of job loss relies on how much they were earning in their job, how long it takes them
How equilibrium is achieved under monopoly
Summary of Educational Planning and Economic Growth An economy with scarce resources and enormous needs and aspirations requires planning. This is true of the education sector
Explain how automatic (fiscal) stabilisers may help to lower fluctuations in the business cycle. Definition of automatic stabilisers as built-in to the system in terms of trans
Why concept of Elasticity is important in economics? Elasticity is very important concept in economics because it affects the decision of individuals as well as of the whole e
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