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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.
Policies of Educational Financing - Earmarking Earmarking refers to setting aside and using the funds generated by a special cess/tax for the particular purpose for which it i
ive been asked to compare shapes of graphs e.g. constant slopes increasing, decreasing, inelastc using the concepts of marginal and average changes?
Write Equations Of Average Total Cost Variable Cost Marginal Cost, Economics Write equations for total cost, average total cost, variable cost, and marginal cost. The Central Pub
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de
Mathematical representation - Inflation Unemployment Trade-off : Suppose that firms correctly perceive the state of demand in the economy and the rate of price inflation. The
Consider an economy with three states. The following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4). The t=0 prices of these stocks are given as follow
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Functions of the IFC: The purpose of the IFC is to further economic development by encouraging growth of private enterprise in member-countries. The IFC, therefore: • inv
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