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meaning of economics laws
What should be the decent/appropriate growth rate in any country? Answer: A growth rate of among 2-3% is considered normal for mature developed countries; for LICs, 5-7% is
Problems relating to national income estimation: Changing prices of goods and services . Prices of goods and services do change from one period to another. This makes compari
Suppose that in an economy 100 worker-hours produce 160 units of output in year 1. In years 2 and 3 worker hours are 120 and 130 and units of output are 216 and 260, respectively.
Fiscal Policy Fiscal policy refers to the management of government spending and tax policies to influence total desired spending so as to achieve the desired level of economic
#question.Question: Answer all parts (a, b, c, d, e & f). Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L,
Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th
The Objective Probability - 100 explorations out of which 25 successes and 75 failures - Probability (Pr) of success = 1/4 and probability of failure = ¾ Given: -
Individual Demand * The Individual Demand Curve - Two significant Properties of Demand Curves - 1) The level of utility which can be attained changes while moving along
In the table below are given the output (X), T.C., and Price for a firm. Complete the following table, and then answer the questions at the bottom of the table. X T.C P=A.R
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