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Slutsky Theorem - Mathematical Presentation:
We already know from the first order conditions of utility Maximisation that,
where Dij is the co-factor of the ith row and jth column of the determinant |D|. For income effect we know dp1=dp2=0, therefore we have from equation (h),
Now for own price effect we have dM=dp2=0. So from equation (h) we get,
Lastly, to find out own substitution effect we consider utility is constant in terms of income so, -dM+x1dp1+x2dp2=0 and dp2=0. We have from equation
Q. Describe pay-as-you-go pension plan? Pay-As-You-Go Pension: A pay-as-you-go pension plan sponsor basically just pays for pension benefits to retired plan members out of its
RECENT DEVELOPMENT OF DEMAND THEORY: The basic theory of consumer behaviour discussed in the previous unit can be extended in many directions, and can be applied to cover opt
1.what is price mechanism? 2.how does price mechanism benefit an echonomy. 3.what are the characteristics of a centrally planned economy?
Question : (a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether c
The economy, however, is facing inflationary pressures. To deal with the macroeconomic problem, the government uses expansionary fiscal policy to decrease taxes and, as an indirect
Is it true to say that inflation can only sustain with the increase in money supply? Inflation can only be sustained if there is a persistent enhance in money supply. If there
Use a PPF to explain the trade-offs that all economies face. All countries must construct some sort of system whereby output, allocation and distribution of goods is decided.
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show this in a pie chart age = under 20|number of people = 20.90
Average Product (AP) of a Factor: The productivity of a factor is often seen in terms of its average contribution. Although not very important in the theoretical discussions,
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