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Describe the role of money in a modern economic system. Does this simplify or complicate matters? Explain.
CURRENCY UNIONS AND OPTIMUM: This Section explains the working of monetary unions and common currency areas. The Section also examines the case for and against optimum currenc
Why do demand curves generally slope downward? The demand curve slopes downward because in general, the higher the price of the good, the fewer people will need to buy it.
Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W
what do you understand by production posibility curve?
Exercise on Demand, supply and market equilibrium Given the following determinants of demand and supply, briefly explain, using appropriate diagram, the nature of relationships be
Deviation from ideal gas behavior The Van der Waal''s Equation This is observed, deviations from gas laws are high under high pressures & low temperatures. The Van der Waal suggest
Joe won $365,000 a year for life in the state lottery. Use a labor-leisure choice analysis to answer the following: a. Show how Joe’s lottery winnings affect the position of his b
Inflation Types Inflation is generally classified on the basis of its rate and causes, while rate-based classification of inflation refers to the severity of inflation or how h
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(a) What is meant by heteroscedasticity and what are the consequences of applying OLS estimation in its presence? (b) Explain in details the Generalised least Square procedure
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