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Neoclassical economics is dominant approach to economics currently taught and practiced in most of the world (and particularly dominant in Anglo-Saxon countries). It attempts to explain behaviour of the economy on the basis of competitive, utility-maximizing behaviour by workers, companies and consumers. Their actions in the markets for both factors of production and final products willmake sure that all available resources are fully utilized (which is, economy is supply-constrained) and each factor is paid according to its productivity.
MRP Technique - Estimating the Level of Output for the Target Year Taking into account several parameters of economic growth such as past trends, present as well as proposed
definetion of pricing thery
Consider that the government tells a large monopolistic firm that maximizes profits that it has to pay a fee to the Reelect the President Committee same to one third of its total p
do you think that dimnishing returns to a factor are consistent with increasing returns to scale? explain with suitable diagram and reasoning.
Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res
What are the main weaknesses of using demand-side policies? Trade-off issues a) Growth and low unemployment often come with inflation b) Government stimulatory policies m
Malthus and the Food Crisis - Malthus predicted starvation as diminishing returns limited agricultural output and the population continued to grow. - Why did Malthus' predic
The income elasticity of demand calculates the responsiveness of the quantity demanded of a commodity to changes in consumers' incomes. This is typically calculated by replacing t
Revenue and Profit Maximization: Whenever a good is produced, the individual firm which has produced incurs costs which are are referred to as private costs and the society in
Two people are engaged in a joint project. If each person i puts in the effort xi, the outcome of the project is worth f(x1, x2). Each person’s effort level xi is a number between
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