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Private and Social Benefits Private benefits are those which accrue to an individual. They may be both monetary and non monetary, direct and indirect. Earnings of an individua
Q1.Define law of demand. Distinguish between individual demand and market demand for Hitachi air conditioners. List the determinants of demand for the same.
Expected Value - The weighted average of payoffs or values resulting from all the possible outcomes. The probabilities of every outcome are used as weights Expected
Curvature of the Iso-quant: An iso-qunat is convex to the origin. This is so because as more and more units labour are employed, the producer would prefer to give up less and
i) Two firms, A and B, are operating in a UK textile industry under duopolistic condition and choose to either produce at "High" price or a "Low" price. Suppose you are the man
Case Study - EUROPE Let us now see how events unfolded over the decades in Europe that led to monetary unification in terms of a single currency and single central bank. At
Households: The fundamental unit of individual economic behaviour. Households offer labour supply to labour market, make consumer purchases,earn income (from employment and other s
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Labor cannot be divided from the human being who provides it. The result of the inseparability of labor from the people who gives it, is that the wage for the last hour worked mus
what are the concept of opportunity cost
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