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Mathematical Derivation of ordinary demand function: Here we present the mathematical and more general proof of the above result. Consider, again, the initial price income sit
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Explain the approach of characterizing the modern economic environment. Modern economics gives various perspectives or angles to seem at real world economic issues. An economic
What have been some justifications given for the historical exclusion of household production from the national accounts? Some reasons have included: a. households are not p
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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
Use of Resources - INTERNATIONAL MONETARY FUND: IMF provides temporary assistance to member-countries to tide over balance of payments deficits. When the country requires fore
Is the terms of trade (TOT) explained as the ratio of the value of exports to the value of imports? How does the TOT relate to the exchange rate? The terms of trade (TOT) is ex
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what is comparative advantage
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