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Ask questi‘Social welfare functions embody a normative conception of the relative importance of equity and efficiency’. With the aid of diagrams, illustrate and explain this propos
draw demand curve for a-phone explain how the graph, price ,and quantity demand will change if there is an overall increase in income.
consumer surplus and elasticity of demand assumption of consumer surplus criticisms of consumer surplus consumer surplus in terms of indifference curves importance of the concept o
Benefits of Education The returns a person/society (state/government) gets from acquiring education is referred to as benefits from education. If such returns are paid/receive
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
Since 1990, real income has increased rapidly , yet the average number of children per family has decline ." Three possible explanations for this process are given below.
Reducing Risk Three methods consumers attempt to reduce the risk are: 1) Diversification 2) Insurance 3) Collecting more information
Using tools of indifference curve, highlight on consumption in business economics.
In relation to solvency margins in the insurance industry, the solvency margin is the amount of regulatory capital an insurance undertaking is obliged to hold against unforeseen ev
Explain about the term cost function. Cost Functions This function measures the minimum cost of producing a specified level of output for some fixed factor prices. Likewise
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