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RECENT DEVELOPMENT OF DEMAND THEORY:
The basic theory of consumer behaviour discussed in the previous unit can be extended in many directions, and can be applied to cover optimal behaviour for a variety of specific types of utility functions. Some of these extensions and specific applications are discussed here. In the market, prices of all goods are given to the consumers. They can't influence the price by changing their own decisions. Some times prices are also given to the individual firm i.e., in some cases, firms also are not able to charge prices that they want and have to settle with the price prevailing in the market. There ware considerable interest therefore among the economist to explain the price formation in different types of markets. The Demand-Supply analysis is the most important among them. Once the equilibrium is achieved the second most important question came to mind is the question of stability of that equilibrium. There are many approaches to determine the stability property of equilibrium. Among them Cobweb model is simplest and quite elegant in nature.
Examine the role of foreign direct investment (FDI) for developing countries Explanation of foreign direct investment as the direct ownership of capital in another country by a
Provide an economic explanation of what you have shown in your diagrams above. Discuss what happens to Iceland's (1) level of economic output, (2) employment, (3) real wage rate,
As stock markets have crashed, and uncertainty has increased, consumers move their money to the safest currencies and countries in the world. Predict the effects of an increase in
Consider two hypothetical nations, Solowia and Growia, which are defeated in wars. These two nations were suffered from wars differently; the damage is on capital stock in Solowia,
Outline four limitation of game theory?
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what is the reason behind studing this topic ?
veblen effect
2 i) Explain what are the key assumptions by the welfarist approach. ii) Define and discuss the properties of a Generalized Utilitarian social welfare function and represent it
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