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When is the economic theory useless?
One misunderstanding is to under-estimate the role of an economic theory. Several people thought an economic theory useless since they think assumptions imposed into the theory are unrealistic. Actually, no theory, whether in physics, economics or any other science, is completely accurate. The validity of a theory based on whether or not this succeeds in explaining and predicting the set of phenomena which this is intended to describe and predict. Therefore theories are incessantly tested against observations. Like a result of this testing, they are frequently modified, refined, and even discarded.
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
Q. What do you meant by Enclosures? Enclosures: A historic process in Britain and other European countries, in very early years of capitalism, in that lands formerly held and u
Individual Demand * The Individual Demand Curve - Two significant Properties of Demand Curves - 1) The level of utility which can be attained changes while moving along
What are the types of demand
Bilateral and Multilateral Contracts Bilateral contract is defined as to purchase & sell certain quantities of a commodity at the agreed upon prices may be entered into between the
The production function for (a Music company ) their CDs is q= 25*K*L , where q is the number of CDs produced each month, K is the hours of equipment used, and L is the hours of la
Use a PPF to explain the trade-offs that all economies face. All countries must construct some sort of system whereby output, allocation and distribution of goods is decided.
Question (a) Describe clearly the three concepts of elasticity of demand. Use appropriate examples and diagrams to support your answer. (b) Consider you have been appointed
Direct and Indirect Benefits Life time earnings of an educated person is an instance of direct benefit from education. Skills produced in training or extension programmes in a
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
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