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Why elasticity is important for economic analysis?
Elasticity is a significant concept in understanding the incidence of indirect taxation, marginal concepts as they relate to the theory of the firm, distribution of wealth and dissimilar types of goods as they relate to the theory of consumer choice and the Lagrange Multiplier. Elasticity is also crucially significant in any discussion of welfare distribution: in particular consumer surplus, producer surplus, or government surplus. The method of Elasticity was also an significant component of the Singer-Prebisch Thesis which is a central argument in Dependency Theory as it relates to development economics.
Define and explain the following economic terms: Economics, Microeconomics & Macroeconomics Positive vs. Normative Economics Law of Diminishing Marginal Utility Opport
Labour Extraction: Most employees under capitalism are paid according to time they spend at work. Though employers then face a challenge to extract genuine labour effort from their
1. Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit? 2. Explain oligopoly's structure and use game t
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which is the following is an example of a firm''s derived demand?
Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de
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Should the bank not have anyone to lend the demand deposit to (like that will ever happen) would the size of the money multiplier decrease? If so, why?
THEORY OF COSUMER BEHAVIOUR: BASIC THEMES: We elaborated two classical theories (viz. Cardinal Approach and Ordinal Approach). In ordinal approach discussing the indifference
Increase in Productivity and Real Wage Earnings: Labour has been charged that whereas it presses for higher wages through trade unions, it has failed to raise productivity. Sh
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