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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.
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commodi
Explain welfare grants and subsidies
Sample Survey and Test Marketing: Under this method some representative households are selected on random basis as samples and their opinion is taken as the generalized opinio
I want to know all about equilibruim consumer equilibruim firms equilibruim nd market equilibruim technically also??
BUREAUCRATIC PROBLEMS: Bureaucratic problems encountered as hurdles in the implementation of economic policies are listed below: • Low levels of efficiency, effectiveness,
What are the main causes of unemployment? Two main paths are available; demand-deficient unemployment and real wage unemployment. After explaining unemployment (percentage o
The data used for this project are contained in the EViews-files. Before you start working, copy the files on a local drive and use the copied files only. You are expected to so
what is demand function
Differentiate between real and nominal variables. In economics, the distinction among nominal and real numbers is often made. Nominal variables -- like nominal wages, interest
Perceived Value Pricing This refers to a pricing strategy that dictates that the price of a given item will be set based on the customer's perception of the value of that item
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