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Duality Theorems: The relationship between the direct and indirect utility functions may be described by a set of duality theorems. The following illustrative theorems are pro
MRTS and Marginal Productivity The change in output from change in labor equals: The change in output from change in capital equals
consumer=m with the help of indifference curve analyis
What is Economic Theory? An economic theory that can be considered an axiomatic approach comprise a set of assumptions and circumstances, an analytical framework and explanatio
Energies of the diametric molecules of a gas, chemistry assignments The analysis basis for treating these different types of motion can be seen by describing the motion of a di
price effect
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
Are markets the best way of solving the basic economic problem? Justify your answer. The core of the economic problem ( who, what, for whom) is something all societies must add
Surplus: Anysector or agent in economy (business, householdor government) experiences a surplus when its income surpasses its expenditure. Surplus, Economic: For the economy
E-goods are returning to price levels which we thought they had left behind, again the inevitable price elasticity. Why is it so certain that price elasticity will cause those pric
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