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Ask questi‘Social welfare functions embody a normative conception of the relative importance of equity and efficiency’. With the aid of diagrams, illustrate and explain this propos
#question.describing risk,preference towards risk, the demand for risky assest.
compare the concept of MRTS with the MRS and discuss the similarities and difference between them?
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
Explain the link between the rate of interest and inflation. Interest can be explained as the price of money - more expensive money will lead to few loans, higher saving and as
Question: (a) Assume a firm operates in one location but serves on two distinct markets, namely, 1 and 2. The demand functions are: Market 1: P1 = 40 - 0.3 Q1 Market 2:
llustrate and explain the changing demand gor big Mac using the indifference curves and budget line
what is the theory of second best? prove the theorem with the help of a diagram.
explain normal profits and abnormal profits
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