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Why elasticity is important for economic analysis?
Elasticity is a significant concept in understanding the incidence of indirect taxation, marginal concepts as they relate to the theory of the firm, distribution of wealth and dissimilar types of goods as they relate to the theory of consumer choice and the Lagrange Multiplier. Elasticity is also crucially significant in any discussion of welfare distribution: in particular consumer surplus, producer surplus, or government surplus. The method of Elasticity was also an significant component of the Singer-Prebisch Thesis which is a central argument in Dependency Theory as it relates to development economics.
Employer’s Estimates of Future Manpower Requirements One of the parameters of demand for employment in a firm or a factory or an establishment is the level of capital investme
draw a production possibility frontier task using the graph and value and identity the pareto efficent and inefficient point and the marginal oppotunity cost of x for each point of
suppose either computers or televisions can be assembled with the following labor inputs: units produced: 1 2 3 4 5 6 7 8 9 10 total labor used: 3 7 12 18 25 33 42 54 70 90 Draw th
Institutionalist Economics: A school of heterodox economicsthat emphasizes importance of institutional development and evolution (as opposed to ‘pure' market forces) in explaining
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Plss explain bains limit pricing theory.
Economists view depreciation as capital consumption for them, there are two distinct ways of charging for depreciation (1) the depreciation of equipment must equal its opportunity
Change in consumer and producer surplus from price controls * Observations: - The loss is equal to area B + C. - The change in surplus = (A - B) + (-A - C) = -B - C -
What population information is needed by local authorities to provide the right number of primary and secondary school places? How would such information affect the plans of the lo
keynsian cross model
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