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Distinguish between interventionist and market-led strategies of development.
Explanation of interventionist strategy; heavy government involvement in the planning of output, prices and also limits to free trade (and possible references to notable exceptions - for instance Singapore). Market-led strategies commonly focus on reducing/removing barriers and limits on trade and capital, with non-intervention by government as a guiding general principle.
Concept of Stock Replenishment This concept assumes that stock is always available whether there is demand or not. Consider the demand for constituent items, such as componen
discuss the implications of various market structure for price determination
A potential investment project has the following stream of annual social (benefits minus costs), where you may assume the project starts with the capital payment of $12,000 on Day
a more simple explanation of the group equilibrium in the short and long run
Austrian economics is a brand of neo-classical economics that was established in Vienna during the late 19th century & first half of the 20th century. Austrian economics was strong
Explain about the determination of equilibria. Determination of Equilibria: The fourth step for studying an economic step is to make trade-off choices and find out the be
Explain about the duality between direct and indirect utility. Duality between Direct and Indirect Utility: While seen how one can recover an indirect utility function by ob
The following are AC and TC functions for various firms (i). AC = 140/Q + 20 (ii) AC - a/Q = k (iii) TC - 10 =2Q + 0.1Q 2 (iv) TC - k - βQ = cQ 2 Where a, k, β and
Commodities that are viewed as luxuries typically have price elastic demand, and commodities that are requirements have price inelastic demand. There is easily no substitute for a
1. Consider a model economy with a production function Y = K 0.2 (EL) 0.8 , where K is capital stock, L is labor input, and Y is output. The savings rate (s), which is define
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