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The idea for the national accounts came during the 1930s depression in the U.S., when decision-makers wanted to get a better sense of by how much economic production had fallen. Simon Kuznets was commissioned to make the national accounts.
The business sector produced slightly more than 77% of GDP, while the household and institutions sector, and the government sector were every estimated to have contributed about 11% of the total GDP.
Determine the indirect utility function in brief. Indirect Utility Function: The ordinary utility function, u(x), is described over the consumption set X and thus to as the
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Is it possible for a firm to be both Price taker and price maker? A firm can either be a price taker or a price maker. It cannot be price maker and price taker at the similar
Indirect Utility Functions: Let qi denotes commodity i and pi is the price of that commodity. Let y denotes money income of the consumer. Suppose vi = pi/y. The budget constra
Manpower-Population Ratios In this technique, manpower will not be planned for the economy as a whole. It will be planned for sectors or sub-sectors of an economy. For instanc
Perfect competition: The behaviours of firms in perfect competition. It should be noted that firms that fit into perfect competition model are very rare in real-life situation
suppose the production function is given as:X=b0Lb1Kb2,where b0=level of technology find marginal product of factors(MPL0and MPK) find factor intensity
Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc
Employer’s Estimates of Future Manpower Requirements One of the parameters of demand for employment in a firm or a factory or an establishment is the level of capital investme
GDP Growth, Employment and Poverty: The advocates of economic reforms point out that the reform process has the potential of accelerating economic growth. After the teething t
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