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Problem :
(a) Using examples of Least Developed Countries, explain the:
(i) causes of market failures; and
(ii) consequences of market failures
(b) Describe the common set of problems that developing countries usually face.
(c) In your opinion, which of the problems described in part (b), are more significant to Mauritius? Justify your answer.
(d) In the era of globalization countries are called-upon to include the improvement of human resources in their domestic development agenda. Critically assess whether education is a source of economic growth and development.
Revenue and Profit Maximization: Whenever a good is produced, the individual firm which has produced incurs costs which are are referred to as private costs and the society in
Change in consumer Taste/preference: Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to inc
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clarify the opportunity cost theory
Monica consumes only goods A and B. Suppose that her marginal uility from consuming good A is equal to 1/Qa, and her marginal utility from consuming good B is 1/Qb. If the price of
THEORY OF COSUMER BEHAVIOUR: BASIC THEMES: We elaborated two classical theories (viz. Cardinal Approach and Ordinal Approach). In ordinal approach discussing the indifference
suppose, as in the federal income tax code for the united states, that the representative consumer faces a wage income tax with a standard deduction. That is the representative con
the full detailed of market structure their characteristic ,sources with clear explanation
Individual Demand Substitutes and Complements 1) The two goods are considered substitutes if an increase (decrease) in price of one lead to an increase (decrease) in quant
Explain how consumers might benefit from the existence of monopolies. While the standard issue of monopolies having higher prices and lower output that competitive markets migh
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