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What is Expenditure Function? The Expenditure Function: When preferences satisfy the local nonsatiation assumption, in that case v(p, m) will be strictly increasing into m.
Explain how unemployment could be voluntary or involuntary . Start off with a definition of the labour force and then outline the proportion of the labour force which would be
Summary of Educational Planning and Economic Growth An economy with scarce resources and enormous needs and aspirations requires planning. This is true of the education sector
Change in consumer Taste/preference: Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to inc
If a person literally had “nothing else to do,” (a) What would be the opportunity cost of doing this homework?
WHAT IS A PRODUCTION FUNCTION SCHEDULE?
Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto
What are expansionary and contractionary effects? Expansionary effect refers to the effect of raising the equilibrium level of national income. For example, an increase in gov
Name the five types of capital. The five types of capital are: natural capital, manufactured capital, human capital, social capital and financial capital.
What is "high-powered money"? The "high-powered money" is the similar as monetary base, which is defined, at the minimum, as the sum of the currency in circulation (banknotes
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