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REAL BUSINESS CYCLE THEORY:
The parable that motivates this discussion originated with Edmund Phelps and invites you to think that all men (and women) are islands. They have perfect information about the prices of goods and services on their islands but cannot sample the prices on other islands except by rowing there, a costly activity. Consequently, they can only form estimates of the general price level, the average of all prices. Thus, an increase in the general price level will be misperceived as an increase in the price of goods on the island, a (small) subset and, therefore, sub optimal decisions about consumption, production, and investment will be taken. In the spirit of the earlier section, the following account in the next is drawn from the book:
Barro, Robert, Macroeconomics, New York: John Wiley & Sons, Inc.
a consumer consumes only two goods x and y is in eqillibrium price of x falls explain the reaction of consumer through utility analysis
Essentials of Development Administration Development administration, to be effective and efficient, needs to have the following ingredients: Administrative Innovation:
Prove the theory of second best with the help of a diagram
functions of taxes
(ii) Find a real-world example of second-degree price discrimination. Describe the important aspects of your example in detail and analyze it using economic theory. In particular,
if the inverse demand curve is p=120-Qand the marginal cost is constant at 10, how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welf
identify any four other law of demand and give examples
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
Socialist Economy: The material means of production are owned by the whole community represented by State under socialist form of economy. All members have equal right in the benef
What is affected variable and cause variable? In a graph, one variable is dependant and the other is independent. The dependant variable is known as effect variable and indepe
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