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Expected Utility: Theory Assume that a utility index exists which conforms to the five axioms. The expected utility for the two-outcome lottery L = (P, A, B) is given by,
Q. Defien Hyper - Inflation? Hyper-Inflation:It's a situation of extremely rapid inflation (reaching 100% per year or more), frequently resulting from a condition of political
Marginal revenue: Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the s
INFO: Suppose that a firm is currently employing 20 workers,(the only variable input), at a wage rate of $60. The average product of labor is $30, the last worker added 12 units to
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
Problem: i) Differentiate between economic development and economic growth. ii) Describe carefully how, using the expenditure approach, national income is calculated. ii
THEORY OF PRODUCTION: Production activities related to goods and services require inputs. Typically, the set of inputs includes labour, capital equipments and raw materials. T
State the example of price and price level Create a basket which contains all the goods sold by a specific store on a specific day. Price of this basket is then a price level -
Problem : (a) With reference to the characteristics of market structure, explain why the market for powdered milk in Mauritius is an appropriate example of monopolistic compet
Depreciation T ax Shield The decrease in corporate income taxes suitable to the deductibility of depreciation from the firm's taxable earnings. Although depreciat
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