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What is the Lewis Model?
The Lewis Model argues economic growth needs structural change into the economy whereby surplus labour within traditional agricultural sector along with zero marginal product that migrate to the modern industrial sector where their each marginal product is more much higher.
Transferring surplus labour through rural to urban regions has no effect onto agricultural productivity like MP of rural employees = 0. Additional workers within urban areas raise output thus incomes and profits. Further incomes increase demand for domestic products when increased profits fund increased investment. Therefore rural urban migration gives self generating growth.
If nominal GNP enhances at a rate of 10 per cent per year whereas the GNP deflator enhances at 8 per cent per year then show how much real GNP rises. Explain?
Suppose that a company knows that on average, 30% of guests at a hotel will eat at the hotel restaurant. What is the probability that on a given night that at least 33% of the 160
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optimal use of variable input
A. The correct duopolistic firm equilibrium o/p and price B. Equilibrium profit
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What are Rostowís limitations? • Presently LDCs face much various conditions than DCs into the 19th century the origin of Rostowís studies • LDCs are very same but very dif
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