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Wealth: This is a stock of accumulated purchasing power stored up from the past.
For example, if you have a fat savings account accumulated from your past earnings, your current spending may be greater than your current income. This implies that what actually determines consumption is not nominal wealth but real wealth, which takes the price level into account.
Expectations: Households` expectations concerning future prices, money income and the availability of goods may have a significant impact on their current spending. Expectations of rising prices and product shortages tend to trigger more spending and less saving, that is, it shifts the consumption function upward and the saving function downward.
Capital formation: Growth Economists believe that accumulation of capital is one main source of growth of an economy. Emphasis is given to the accumulation of more capital pe
function with equation,variable,parameter
What are the properties of the profit function? Properties of the Profit Function: The properties specified below follow solely by the assumption of profit maximization. No
discuss the revealed preference theory of consumer behaviour
Input Substitution When the Input Price Change Isoquants and Isocosts and Production Function The minimum cost combination can be written as: - Minimum cost
differance between capitalism and socialism
Fixed costs are those which are independent of output that is they do not change with changes in output. These costs are a fixed amount which must be incurred by a firm in the shor
CRITIQUE OF ECONOMIC REFORMS: The critique of economic reforms should consider the actual growth rate achieved, its impact on employment and poverty reduction, its impact on l
The demand curve for oranges is given by the equation P = 5 - Q/200. The supply curve is given by P = Q/800. Q is measured in oranges per day and price is measured in dollars per o
Interest: A lender charges interest as the price of lending money (or some other asset) to a borrower. Interest is mainly charged as a specified percentage of the loan's value, per
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