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QUESTION:
a) How do returns to scale and returns to factor affect the shapes of the AC in the Long-run and short-run respectively?
b) "Standard of living has to be measured using both monetary and non-monetray measures." Comment on this statement.
c) Explain using diagrams, how is consumer surplus related to the price elasticity of demand?
d) Reducing occupational immobility of labour is the only way of decreasing the level of unemployment. Discuss.
Suppose that economic outcomes can be classified as either good or bad. Governments differ in ability and this affects the likelihood of good outcomes. There are two types of gover
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Q. Political Trans-national Activity? The dynamics resulting from the institutional interdependencies are of major importance for an understanding of the process of political t
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Apply general attribution theory to analyze and explain each party''s attitudes and conclusions. Hint: Use consensus, consistency, distinctiveness, and the fundamental error. 2. Ex
Mr. X enters into a contract with Mr. Z under which Z agreed to build a customized telescope for X for $500. The value of the completed telescope to X will be $600. Expecting that
This variant of coordination problem seeks the answer to why some countries fail to grow when public and private rent seeking makes property rights insecure. One reason is that re
Sustainability, more recently referred to as ‘sustainable development', came from the idea of integrating economic development and environmental protection. The concept is based on
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