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Economic growth and Economic development:
Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income.A country is said to experience economic growth if overtime, its real output (real GDP) increases as well as its real per capita income.
Economic development is a sustainable increase in real GDP that implies increased real per capita income, better education and health as well as environmental protection, legal and institutional reforms and an efficient production and distribution system for goods and services.
Problem : (a) Describe the law of demand and the factors affecting demand. (b) llustrate and Explain how demand of a commodity will change if there is a tax on that product
explain two theories of economic rent
The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif
Households: The fundamental unit of individual economic behaviour. Households offer labour supply to labour market, make consumer purchases,earn income (from employment and other s
negative slope on ppf represents what?
Derivation Of Ordinary Demand Function: Suppose, and q 1 = (Q 1 1 , Q 2 1 ,..., Q n 1 )T. Let M0 be the money income and p 0 q 0 = M 0 and p 0 q 0 ≥ p 0 q 1 , where p
definition
Assume that the employer (principle) wants its employee (agent) to work hard [You can safely assume that this maximizes the principle's expected profits from his business]. There a
Themes of Microeconomics ?? As per Mick Jagger & the Rolling Stones, “You can’t always get what you want”. Why Not? ?? Restricted Resources ?? Infini
Optimum currency area: An optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency
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