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How might one measure differences in living standards between less developed and developed countries?
This is a very wide question where any clear and relevant calculate should merit marks. Explanation of standard of living as a wide range of issues - which must then be made measurable! For example, health care is hardly a distinct and measurable variable, but doctors per 1,000 citizens are. The way to address this question is therefore to not only exemplify with variables which are part of living standards, but also render them measurable in some way
Income and Substitution Effects A fall in price of a good has the two effects: Substitution & Income -Substitution Effect Consumers will tend to buy more of the good
Most lotteries in the United States pay their winnings over time. For illustration, a million-dollar winner will receive $100,000 initially and the rest in equal installments over
What is consumer surplus? What is its significance and what causes it to change?
question #Minimum 100 words accepted#History of cobweb theory
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Public Administration: According to L.D. White, "Public administration consists of all those operations having for their purpose the fulfillment or enforcement of public polic
explain graphically Equilibrium of a multi product firm
Demand Curve The demand curve is a graph which presents the amount of a good that consumers are willing and able to buy at various prices. A normal demand curve is downward slo
How have falling commodity prices affected many developing countries? Definition of commodities; raw material like copper, iron and bauxite; and agricultural goods like rice an
Q. Define Economies of Scale? Economies of Scale: Most economic production requires producing firm or organization to make an initial investment (in real capital, in design and
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