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Economic Cycle The economic cycle is the long-standing sample of alternating times of economic growth (expansion) and decline (recession), followed by changing economic indica
What does the basic neoclassical, or traditional, model of economics assume about markets? It supposes that markets are perfectly competitive and smoothly functioning, and thos
ELASTICITIES OF SUPPLY AND DEMAND Usually, elasticity is a measure of the sensitivity of one variable to the other. It told us the percentage change in one variable in re
Comparison of sameulson revealed preference theory with the Hicksian revealed preference theoru
what is the theory of second best?prove the theorm with the help of diagram?
Determine whether the ff is counted as part of gdp which of the ff statement are included or excluded 1.1A monthly cheque received by an economic stu
Determinants of Social Demand for Education - Equity Perfect equality is not observed in any society. Hierarchy in status, standards of living, capacities for effective demand
what is chemical combination
What are the costs and difficulties of such an operation? The direct costs are administrative, cooperative and storage costs, whereas the societal costs include misallocation,
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
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