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Limitations of the Services Sector: The services sector in India, as at present, suffers from low productivity and low quality in spite of fairly large investment in technolog
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Determinants of Social Demand for Education - Excellence Apart from the three considerations identified by Prof. Musgrave for public investments in education and discussed abo
What is the problem of central economic
Compensated Demand Curve: Compensated demand function for a commodity (say x1) of an individual consumer represents demand quantity for that good (which is purchased by the co
Consider an infinitely repeated prisoner's dilemma game by two players. The resultant payoffs at each stage by the actions of two players are given below in the table (payoffs are
What are the possibilities of returns to scale in production technology? Three possibilities are there as: technology exhibits (a) constant returns to scale; (b) decreasing ret
Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit? Answer The term externalities refers to bot
Q. What is Unit Labour Cost? Unit Labour Cost: How much an employer pays for labour needed to produce each unit of a good or service. Unit labour cost can be computed by dividi
what is marginal cost
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