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Structuralist economics, Structuralist Economics:Its a form of heterodox ec...
Structuralist Economics:Its a form of heterodox economicsthat emphasizes relationships betweenincome distribution, effective demand and political and economic power. Structures:
Indirect utility functions, Indirect Utility Functions: Let qi denotes...
Indirect Utility Functions: Let qi denotes commodity i and pi is the price of that commodity. Let y denotes money income of the consumer. Suppose vi = pi/y. The budget constra
Demand elastic- inelastic or unit elastic, Questions (i) You are an i...
Questions (i) You are an industry analyst. Last year, the production cost of Microprocessor increased remarkably due to labor unionization. Nevertheless, the industry experie
Production vs cost - resource flow, With current technology, suppose a firm...
With current technology, suppose a firm is producing 400 loaves of bread daily. Assume that the least cost combination of resources in producing those loaves is $180 ( 5 units of
Explain consumer sovereignty, Explain consumer sovereignty and why it might...
Explain consumer sovereignty and why it might not be that extensive in real life. Explanation of consumer sovereignty Use of S/D model to show how changes in consumption pat
Law of demand, Give two level of incomes 100$ and 150$ DRAW demand curve fo...
Give two level of incomes 100$ and 150$ DRAW demand curve for individual a & b and then draw market demand curve for these two different kind of income
Cross-price elasticity of demand, Cross-Price Elasticity of Demand is expla...
Cross-Price Elasticity of Demand is explained below: Cross price elasticity of the demand is the percentage change in the quantity demanded of a particular good, with respect t
Change in the population of consumers, Change in the population of consumer...
Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low
Risk averse, Risk Averse: - A person who prefers certain given income...
Risk Averse: - A person who prefers certain given income to risky income with same expected value. - A person is careful risk averse if they have a diminishing marginal ut
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