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Island Economy: Consider an economy as a sea with islands of local markets. Each household produces goods and sells them on one and only one of the arrays of these markets. Go
what is modern theory
Impact of Economic Reforms on Labour: It would be of interest to study the industrial relations scenario in the pre-reform and post-reform period. Data provided in table 8.4 r
Consider a consumer with the following Cobb-Douglass utility function: U (x, y) = x α y 1-α a) Find the Marshallian Demand for both goods. b) Find the Price Elasticit
Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales
Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North K
A 1500 word research paper on the economic, social or environmental effects of the widespread use of robots in factories (this meets Learning Outcome 4)
explain why policies for promoting market competition are desireable
Suppose you are a regulator in charge of allocating water between residential and agricultural users (farmers) in Southern California. You conduct a survey that finds that under th
Determine the Business Cycle and Classical Economists Business Cycle: The business cycle is the fluctuations in the rate of economic growth that take place in the economy. Th
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