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• Budget constraint, budget line, budget set, Budget constraint is a very important concept in economics and is utilized even in advanced economic theory. Let the competent tutors at Expertsmind guide you in understanding the concept thoroughly. Try the online tutoring and homework help provided by them.
• Utility Function., Marginal Utility (MU)
• Choice of Consumer: The objective of the consumer is to find the most preferred bundle which is affordable. That is, to find the commodity bundle with the highest utility within the budget set.
Q. Explain about Delphi method? Delphi method: This is a systematic, interactive forecasting method that depends on a panel of experts. Experts answer questionnaires in two o
Comment on the consequences of environmental degradation on the economy of a community.
State the difficulties in the measurement of profit.
TYPES OF UNEMPLOYMENT A person can be either in the labour force or not in the labour force of an economy. The person not included in the labour force includ
Determine the Theory of Exchange and Price Theory Theory of Exchange is commonly called Price Theory. Price determination under various types of market conditions comes under
critically analyze the firm''s theory of profit maxmization
monopolistic competition
Menu Costs Why do firms not change their prices very frequently? Obviously, the costs of changing prices at frequent intervals and in small amounts must be more than the b
Practical Importance of the knowledge of Price Elasticity of demand The practical importance of the measures of elasticity of demand is to be appreciated in various ways:
The Spendthrift Economy This assumes a circular flow of income in a closed economy with no Government sector and no foreign trade. It also assumes the existence of two sect
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