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Q. Describe Classical Economics? Classical Economics:Tradition of economics which began with Adam Smith and continued with other theorists including Thomas Malthus, David Ricar
Type of total outlay
using the tools of an indifference curve and isoquent, highlight on consumption and production in business economics.
discuss whether marginal utility is a realistic piece of economy analysis in a consumer demand
The market for labor can be studied use a supply and demand framework. The demand for labor is from employers who use labor to produce goods and services. The supply of labor is
appraise baumol`s sales revenue maximazation theory as an alternative of the firm
Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.
Explain about the optimal consumption rule. The optimal consumption rule: While a consumer maximizes utility, the marginal utility per dollar spent should be similar for all
consumer surplus and elasticity of demand assumption of consumer surplus criticisms of consumer surplus consumer surplus in terms of indifference curves importance of the concept o
suppose the production function is given as:X=b0Lb1Kb2,where b0=level of technology find marginal product of factors(MPL0and MPK) find factor intensity
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