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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 properties of cost function? Properties of Cost Functions: Some similarities are here with consumer theory. Such similarities are actually exact while one compa
discuss whether marginal utility is a realistic piece of economy analysis in a consumer demand
Managerial Economies: These are many managerial economies associated with large-scale production. A large firm is in the position to employ more highly qualified and speciali
If we have two products, A and B, which are substitutes, we can expect that a rise in the price of A (or B) will cause the demand for B (or A) to go up.” Examine this statement wit
Input-Output Models Input-output models are used in economics of education in studies of cost-quality and education-labour-earnings relationships. Different levels and forms
The economic model forecasting involves estimating several simultaneous equations which are generally behavioural equation mathematical identities and market clearing equations. T
Summarize the four supply factors in economic growth.
Income and Substitution Effects: Normal Good * The Special Case--The Giffen Good - The income effect may be large enough theoretically to cause the demand c
The concept of opportunity cost occupies a very important place in modern economic analysis. The opportunity cost of any good is the next best alternative goods that are sacrificed
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