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Explain about the integrability problem.
The Integrability Problem:
Provide a system of demand functions x(p, m). Is there essentially a utility function by which such demand functions can be derived? That question is termed as the integrability problem. This problem can be solving by a differential equation and integrating back, eventually to the utility function. The Slutsky matrix plays a important role into this process.
Define the Production Possibilities Curve and explain the basic economics concepts using the PPC. Explain the factors tht shift the PPC outwards
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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
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could the village prepare 14 campsites and grow 350 pawpaws?explain your answer.
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