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What are the differences among developing economies? Developing countries are diverse. They can be different in terms of as: • Resource Endowment for example, a country is
What is the Lewis Model? The Lewis Model argues economic growth needs structural change into the economy whereby surplus labour within traditional agricultural sector along wit
function of economics
Suppose an oligopoly consists of three identical firms. Industry demand is P = 100 - 2Q and MC = AC = 20. What is the Cournot–Nash equilibrium output in this industry
Identify the features of informal sector in African countries
What is Economic development theory? Economic development theories and models seek to describe and predict how the: • Economies may develop or not over time in excess •
Sampling and tests of significance are very important tools in business economics. In fact one cannot do any meaningful marketing research without the requisite knowledge of sampli
In long-term project planning, this is wise to suppose that staff will be accessible for project work for less than 100 per cent of the total accessible time. What factors will dec
There are two agents, A and B. Both have preferences represented by a von Neumann-Morgenstern utility function u(c s j ) = ln (c s j ), where c s j is consumption of agent j in
Brand names can be important to the success of a firm in some industries. Consider industries that demonstrate monopoly, monopolistic competition, oligopoly, and perfect competitio
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