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Reasons for development planning:
To maximize the utilization of economic resources: The resources of any nation are not always enough for her use. In this wise, resources must be allocated in such a way that they achieve maximum utilization of them.It is through the proper allocation of their resources that nations can accelerate their pace of economic development.To correct the imperfection of the market system – The market system in reality is not perfect and therefore allocation of resources which occur under perfect competition model does not happen. There is therefore the need to interfere to ensure efficient allocation of resources
To ensure balanced growth: planning may be used to ensure balanced growth for all sectors of the economy.By this there will be uniform growth and provision of complementary services and intra sectoral linkages.
Change in demand: change in quantity demanded occurs when the consumption of a commodity increases or decreases as a result a change in the price of the commodity, when all ot
Suppose scientists discover that eating soybeans prevents cancer and heart disease. What effect would you predict on the price of soybeans?
why we study micro econmics?
Explain how consumers might benefit from the existence of monopolies. While the standard issue of monopolies having higher prices and lower output that competitive markets migh
given that a=(4;2) and b=(5;11)determine the value of x in the following equation b=3x-1/2a
Distinguish among the terms of trade and the balance of trade for a country. Definition of terms of trade a) The amount of a given amount of export goods essential to buy
What types of questions would concern microeconomics, versus macroeconomics? Microeconomics concerns itself with decision-making of individual consumers, firms and other organ
Ask questMicroeconomics Reference No.:- #Minimum 100 words accepted#
math question
Risk Neutral - A person is a risk neutral if they show no preference between certain, and an uncertain income with the same expected value.
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