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What are the three approaches to measuring GDP?
The three approaches are:
a) The production approach,
b) The spending approach and
c) The income approach.
1. Definition: AGE-SPECIFIC DEATH RATE is the total number of deaths to residents of a specified age or age group in a specified geographic area (country, state, county, etc.)
how slustky equation provides neat analytical expression for substitution and income effect?
The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif
how to calculate it given a functuion
Causes of inflation: Excessive growth in wages relative to productivity can cause inflationary pressures. This causes aggregate demand to increase relative to aggregate supp
Boltzmann Distribution: In most cases of interest of chemistry the particles adopt the Boltzmann distribution. Qualitative considerations: the general expression for W given by eq
Pure Monopoly: Pure monopoly examined the market structure that is generally regarded as the polar opposite of perfect competition – i.e. the monopoly model. Like the perfect
what is Law of Demand?
What is the theory of Second Best? Prove the theorem with the help of a diagram.
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
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