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Illustrate the roles of mathematics in modern economics?
Roles of Mathematics in Modern Economics:
Mathematics has become a significant tool into modern economics. Mostly every field into modern economics uses statistics and mathematics. The mathematical approach to economic analysis is utilized while economists make utilization of mathematical symbols into the statement of a problem and also draw upon identified mathematical theorems to aid in reasoning. This is not hard to understand why the mathematical approach has turn into a dominant approach because finding the boundary of a theory, improving an analytical framework of a theory, founded reference systems, and giving analytical tools all require mathematics. When we apply a theoretical outcome to real world without understanding the boundary of a theory, we may obtain a very bad result and hurt an economy seriously.
American Long Run Growth, 1800-1973 Throughout the 19th and the first three quarters of twentieth century the measured pace of economic growth continued to accelerate. The meas
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Explain the axioms of completeness, transitivity and non-satiation using appropriate examples.
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Derivation Of Ordinary Demand Function: Suppose, and q 1 = (Q 1 1 , Q 2 1 ,..., Q n 1 )T. Let M0 be the money income and p 0 q 0 = M 0 and p 0 q 0 ≥ p 0 q 1 , where p
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types of cost
What is Laffer curve The Laffer curve is named after Professor Art Laffer who suggested that as taxes enhanced from fairly low levels, tax revenue received by the government wo
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