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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
CHARACTERISTICS OF ECONOMIC INFRASTRUCTURE: Natural monopoly is the situation where the provision of a good or a service has economies of scale, which are realised most when a
Mr. Smith can cause an accident, which entails a monetary loss of $1000 to Ms. Adams. The likelihood of the accident depends on the precaution decisions by both individuals. Spe
Engel Curves -Engel curves relate quantity of good consumed to income. -If good is a normal good, Engel curve is sloping upward. -If good is an inferior good, the Engel c
explain and illustrate the changing demand for big mac using indefference curve and budget line
Sources of Divergence The principal cause of extraordinary variation in output per worker between countries today are differences in their corresponding steady-state capital-ou
why value of marginal product is negatively sloped
In the case of a tax abolition on food staples, what are the short run and long run effects?
where would i find the matter for this topic?
The Money Multiplier is explained below: If you see carefully, the money multiplier is nothing but an inverse of a reserve ratio. Therefore, we can write MM = 1/rr, where rr is
Point Elasticity of Demand - For large price changes (such as 20%), value of elasticity will depend upon where price and quantity lies on demand curve. - Point elasticity me
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