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Consider two individuals M and F who must split 20 units of good X and 10 units of good Y. Suppose we can represent M's preference with the utility function Um =X ^2 mYm and Fs
Reasons for development planning: To maximize the utilization of economic resources: The resources of any nation are not always enough for her use. In this wise, resources mus
specific characteristics of human existance
Why were there not any sustained increases in material productivity of human labor back before 1500? Since improved technology quickly ran aground on resource scarcity. As huma
1. Assume that Malaysia can produce cencaluk at 25 bottles per worker and belacan at RM5 per worker. Assume that Indonesia can produce 10 bottles of cencaluk per worker and 20 pack
what is the meaning of total revenue?
"As long as consumers are willing to pay a positive price for a good, the larger is the quantity formed, the greater is the total surplus from trade." Explain this statement if i
heckscher - ohlin theory of trade
Maurice has the following utility function: U (X; Y ) = 20X + 80Y ?? X2 ?? 2Y 2 where X is his consumption of CDs, with a price of $1, and Y is his consumption of movie videos, wit
What is the difference between Price inflation and Wage Inflation? Price inflation is the rate of enhance in the prices of goods and services whereas the wage inflation is ra
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