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Article Shared by  In this article we will discuss about the elasticity of substitution in a firm. Let us suppose that the firm’s production function is Q = f(L, K)                                   [(8.122)] The convexity property of the isoquants (IQs) expresses the principle of diminishing marginal rate of technical substitution (MRTS)...

Article Shared by  According to Prof. Harvey Leibenstein the overpopulated and underdeveloped countries are characterized by the vicious circle of poverty. They have low per capita income. His ‘theory of critical minimum effort’ is an attempt to provide a solution to this economic problem. According to him, critical...

Article Shared by  The below mentioned article provides an overview on the Solow’s model of growth. Introduction: Prof. Robert M. Solow made his model an alternative to Harrod-Domar model of growth. It ensures steady growth in the long run period without any pitfalls. Prof. Solow assumed that Harrod-Domar’s model...

Direction: Read the passage given below and answer the questions that follow it:Suppose that for a particular economy for some time period, investment was equal to 100, gov-ernment expenditure was equal to 75t, net taxes were fixed at 100 and consumption (C) was given by...

Illustration of the Gains from Trade In the absence of trade, the United States might choose to produce and consume combination A (90W and 60C) on its production possibility frontier (see Figure 2.2), and the United Kingdom might choose combination A(40W and 40C). With trade...

No Other Article Explains the Economic Problem As Clearly F. A. Hayek PoliticsSocialismScarcityF. A. HayekSocialist Calculation DebateEssential If you want to learn as much as possible about economics from just one article, read Friedrich A. Hayek’s “The Use of Knowledge in Society,” published in the September 1945 issue...