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What are the assumptions of Lewis?
LDCs (Less Developed Countries) have two (dual) economies as:
• Rural traditional economic and social practices, which overpopulated, subsistence along with zero marginal labour productivity
• Urban: modern economic and social practices, along with high marginal labour productivity.
with a water park going in town. What kind of externality is this?
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discuss the concept of demand for the products that are being consumed by the different consumers
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law of diminishing marginal utility assignment
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