NTA-NET (UGC-NET) Economics & Development (01) International Economics-Balance of Payment Study Material (Page 2 of 3)
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Consumer՚s Equilibrium: Corner Solutions
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Consumer՚s Equilibrium and Corner Solutions
- Consumer at the point of equilibrium will consume some amount of both the goods.
- The consumer equilibrium is when the indifference curve is tangent to the budget line. The point of tangency is the likely preference of t…
… (508 more words, 57 figures) …
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Adjustment Mechanisms
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Absorption Approach
- It was developed by Sydney Alexander.
- According to him, the traditional micro approach was deficient as it overlooked the income effect of devaluation.
- Devaluation can affect consumption, investment and government spending. The absorption approach stresses precisely on that.
- This approach can be explained algebraically as follows:
In a…
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