Titlebook: Comparative Economic Theory; Occidental and Islam Masudul Alam Choudhury Book 1999 Springer-Verlag US 1999 Macroeconomics.Marx.Revolution.e

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Production Functionechnical efficiency is a concept that can be explained by the concept of production possibility curve, besides the way it has been introduced in Chapter 7. We will start off this chapter by an explanation of the underlying concept of technical efficiency using the production possibility curve.

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Monopoly and Imperfect Competition case of perfect competition, cannot hold. Paradoxically in economic theory the same kinds of optimization objective functions are yet adopted. Maximization of profit is still taken as the main objective function even in the case of a lack of full information regarding alternatives open to the econo

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occurrence

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Distribution of Income Such payments depend upon the particular types of demand and supply configurations for factors of production. In a perfectly competitive market for factors of production it is the marginal productivity theory of factor payments that is applicable in determining factor payments. In the case of marke

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Saving and Consumption Functionsfactor payments may be held back from the household‘s expenditure in goods and services. This part that is held back in the household resources from spending in goods and services is referred to as saving. In general, all such resources that are held back from being spent in the economy at any time,

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extrovert

Extort

https://doi.org/10.1007/978-3-662-62434-0ing social consensus at large. Hence, our integrated study of the principal activities of consumption, production and distribution can look at these within a pure economic and an institutional approach with a flavour of socio-economic equilibrium.

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