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Illustrates the stages of the production of an economic conclusion?
The production of an economic conclusion generally goes into three stages as follows:
Stage 1: It is non-mathematical language stage, generates preliminary outputs, propose economic concepts, conjectures and intuitions.
Stage 2: It is mathematical language stage, generates intermediate outputs, provide a formal and rigorous result by mathematical modelling which specifies the boundary of a theory.
Stage 3: It is non-technical language stage, generates last outputs, conclusions, insights and statements which can be understood through non-specialists.
a) The four-firm concentration ratios for the following industries have been found from the Economic Census for Manufacturing (NAICS 31-33) as follows. The four-firm concentration
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Ben prefers the mixed consumption basket x+y to either 2x alone or 2y alone. But as between the latter baskets, he would rather have the 2x. Do the fact stated indicates the axiom
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Determinants of Private Demand - Waiting-Time for Employment ‘Waiting time’ for employment is another important factor. The waiting time varies from course to course. For inst
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