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The Standard Indifference Curve Diagram. The standard model of labour leisure choice does not distinguish between females and males. It is a unisex model. The vertical axis gives the persons consumption, c. The horizontal axis shows his leisure, l. Suppose that the person has one unit of time that he can devote to labor, h = 1-l, or leisure, l. Each unit of time spent working is rewarded by the wage w. The components of the graph will be described now.
I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus
Describe stabilisation policies as by the International Monetary Fund (IMF). Define stabilisation policies as basically a list of demands set forward by the IMF to a debtor nat
define economics in plural sense. .
Stock Market: A place where shares of joint stock corporations are sold andbought. Most modern stock markets no longer have a physical presencehowever rather connected computer net
what is linear programming
What simplifying assumptions does the traditional macroeconomic model make (in addition to those made in the NIPA)? The simplifying assumptions are: 1) The household and i
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
2) Proctor & Gamble (P&G)
Q. What do you meant by Real GDP? Real GDP:Value of total gross domestic product (which is, all the services and goods produced for money in the economy) adjusted for effects o
Economic policy efficiently: The reason for poverty and misery in the developing countries is not essentially the lack of potentialities or resources, human or material, but t
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