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Determine the productivity level of US
Those who live in relatively poor regions of the world today have higher material living standards than their predecessors who lived in those regions a century ago. However the relative gap regarding the industrial core has grown extravagantly and extraordinarily. In the first half of 19th century the average inhabitant of an average country had perhaps one-half the material standard of living of a citizen of the world's leading industrial edge economy. Today average inhabitant of an average country has just one-sixth the productivity level and material standard of living of the leading edge.
#question.explain three neccessary condition to achieve pareto efficiency.
In this section, we ask you to write down a simple, formal, mathematical model. A small number of points will be awarded for an intuitive discussion of the problem, but most of the
graphing a isoquant
Why concept of Elasticity is important in economics? Elasticity is very important concept in economics because it affects the decision of individuals as well as of the whole e
Axioms: Revealed preference theory is based on the axioms listed below. • Consumer will spend all her income on goods. The consumer equilibrium always remains on the budg
law of demand..
Slope of an Iso-quant: Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L
an explanation of the meaning of price ceiling
Economic Rent - Economic rent is difference between what firms are willing to pay for the input less the minimum amount required to obtain it. * An Example - There are tw
Problem 1: (a) Critically examine the differences between the Neo-classical growth models and the endogenous growth theory. (b) Show the relevance of such models in explain
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