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Jack and Jill live alone on an island. Their labour supply schedules are identical and given by L = (1 - t)w, where t is the income tax rate and w denotes the wage. Jill''s wage
Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production functio
what do you understand by private & public goods. Distinguish between private and public goods.
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This variant of coordination problem seeks the answer to why some countries fail to grow when public and private rent seeking makes property rights insecure. One reason is that re
Explain how the price system answers the five fundamental questions of economics, and talk about at least two of the short-comings of the capitalist price and market system.
Case study
State ramsey rule of optimal commodity taxation and the intuition for it
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