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Slutsky Theorem - Mathematical Presentation:
We already know from the first order conditions of utility Maximisation that,
where Dij is the co-factor of the ith row and jth column of the determinant |D|. For income effect we know dp1=dp2=0, therefore we have from equation (h),
Now for own price effect we have dM=dp2=0. So from equation (h) we get,
Lastly, to find out own substitution effect we consider utility is constant in terms of income so, -dM+x1dp1+x2dp2=0 and dp2=0. We have from equation
Jane receives utility from days spent travelling on vacation domestically(D) and days
Consider a two-period economy with a single commodity (say leisure): x1 is the con- sumption of leisure in period 1, and x2 is the consumption of leisure in period 2. When Peter ev
What is the purpose of the IMF and why might the IMF be called the “lender of last resort”? Discuss how three of the tools they use for establishing economic stability in a country
Outline the possible negative effects of import-substitution policies. Define and outline import-substitution; focus on reducing domestic reliance on imports by implementing hi
Micro Economics 1. Discuss the short-run cost-output relations. 2. Write a short note on pure competition. 3. Describe excess profit criterion. 4. Discuss the vario
b) Why is monopoly considered to be generally against public interests, and what policy instruments can be used to regulate monopolies?
how to define or interpret ppc curve
TC = 1q^3 - 40q^2 + 840q + 1800 Price= $750
Explain how unemployment could be voluntary or involuntary . Start off with a definition of the labour force and then outline the proportion of the labour force which would be
Highlight the few heading of it
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