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Explain the Human Development Index
Introduced by the UN in 1990, the index take into account not only the goods and services formed but also the ability of a population to use these and the time they have to enjoy them. It is a composite index based on real GDP per capita (PPP), life expectancy at birth and educational achievement that calculates socio-economic development.
price falls and demand is elstic
1. Suppose that a monopolistically competitive firm must build a production facility in order to produce a product. The fixed cost of this facility is FC = $24. Also, the firm ha
Low standards of living: In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifest
what are the factors causing oligopoly market?
what is micro economics
define real and nominal wages
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Attitude towards Risk: Let's assume the following: The utility function • has the single argument "wealth" measured in monetary units, • is strictly increasing, and
An economist's view of costs contains both explicit and implicit costs. Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resou
Ways in which the markets fail and discuss why government intervention is justified and whether government intervention works or not.
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