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THEORY OF REVEALED PREFERENCE: If consumer's taste and preferences do not change, then observation of her market behaviour or, actual act of choice between the commodity sets
when average product is decreasing, marginal product is?
Problems of population census: High Cost of Census: Censuses are supposed to be conducted at a 10 year interval. The high cost of conducting census has made it impossibl
This is also known as sales force Opinion Method. In this method instead of consumers the opinion of the salesmen is sought. It is sometimes referred as the grassroots approach as
Smoking cigarettes is a leading cause of many diseases
I don''t really understand how scitovsky contour is formed.
veblen effect
In June 2009, Textile co. (a domestically located firm) purchased 1000 yards of cloth from India (a foreign country) for $1000. Textile co. hired Elizabeth and paid her $5000 to s
Allocative Efficiency The production of products and services such that stages of production are closely tied to levels of customer demand.
Tc and TVC curves have an inverted s-shape
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