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• Pure public good example: Indian Army

• Breaking up a monopoly into a competitive market leads to a higher price, assuming other factors remain constant.

• Pareto efficiency is ensured through rationing.

• Air pollution in Delhi is the most likely to generate a negative externality.

• L-shaped indifference curve indicates perfect complements.

• Utility function u(XA,XB) = XA² - 10XA + XB, with P_A = 2, P_B = 1, and a budget of 20, yields an utility-maximizing level of consumption for good A of 3.

• If A=B/3 in a Lorenz curve, the Gini coefficient is 0.25 (given A is the blue shaded area).

• If government increases GST on sports equipment and does not change the price of sports equipment, the incidence of the tax increase falls entirely on the producer.

• If an expected utility maximizer with u(x) = √x is presented with a lottery where they may win Rs 10,000 with a 5% probability, the maximum they'll pay for lottery is Rs. 25.

• In game theory, the Nash equilibrium (I,L) is Pareto efficient.

• With 3% inflation and a 5% income increase, real income increases by 2%.

• Crowding out: Higher government spending (G) leads to lower private investment.

• In a 4-sector economy with C=Co + c(Y-tY), I=Io, G=Go, X=Xo, and M=Mo+mY, the multiplier is 1/(1-c+ct+m).

• If GNP = 34,000 (Rs. crores) and NFIA = -3,000 (Rs. crores), then GDP = 37,000 (Rs. crores).

• Multiplier value in an economy with MPC of 0.25 is 1.33.

• A Phillips curve shows a temporary trade-off between inflation and unemployment.

• In India, low interest rates is not likely a cause of the current high inflation.

• Results indicate government spending multipliers are below unity.

• In Good Times, multipliers in the US are below unity, regardless of slack in the economy.

• If RBI increases the repo rate, it's usually to reduce inflation, not increase it.

• Caste, religion, and gender affect educational outcomes in India.

• In a capitalistic economy, private owners of capital hire wage labor to produce for profit.

• The vast majority of workers are in the agricultural sector, but this sector has the lowest contribution to GDP in India.

• Inequality of asset ownership > Inequality of income > Inequality of consumption.

• India's recent economic growth = high growth in the last decades has been associated with low levels of employment growth

• Roughly, the GDP per capita in India in 2017 is $2000

• India's informal labor force is larger than its formal labor force

• Liberalization example: De-licensing of industries

• Primary reason for the fall in growth rates in 1965-66 = failure of monsoons

• Given wage data, lack of information restricts wage comparison

• From a histogram, the mean distribution is greater than the median.

• An additional agricultural income = the mean, median, and variance of distribution would increase.

• E(Y₁) = constant with zero variance.

• In regressions on country-level data, Ruggedness is an index of terrain ruggedness.

• If Africa is a dummy variable = 1 if the country is in Africa.

• There is one unit increase in distance to coast in an African country = indicates a 0.948 average decrease in log(GDP)

• Constant in regression 1 represents log(GDP) of a non-African country with ruggedness index of '0'.

• African countries poorer & ruggedness increases per capita income.

• Can't conclude that there's no crowding out of private investment.

• One should understand the case for using Instrumental Variable approach.

• Large sample t-statistic larger than 2 = evidence against the hypothesis, it is unlikely.

• Mincerian regression: Three methods proposed calculate mean-deviation.

• Three utility functions = u1(x,y)=ax+by, u2(x,y)=xᵃyb, u3(x,y)=a ln(x) + b In(y).

• Following are considered similar rates of substitution for x and y = B) u2(x,y) and u3(x,y)

• A Utilitarian social welfare with functions which have a diminishing marginal utility of money = will lead to greater wealth divide

• Utility function: u(x, y) = y + 10x - x². Price of fish is 2, the price of money is 1 and budget is 30 = maximum of 4 units

• Increase not cause loss, if supply or demand is inelastic.

• Tax is lumpsump.

• Understanding the payoffs and payoffmatrix between player 1/2 = is Pareto efficient

• Choice between lottery of Rs 100. If person is choosing a sure amount of Rs 50 =, the person must be risk averse

• Consider indifference curve of two goods; the slope is equal to the marginal rate of substitution between the two goods.

• Understanding the different types of utility functions.

• Understanding the concept of price elasticity and GST.

• Traffic in Bangalore.

• A government law restricting the number of vehicles.

• Quantity theory: The Quantity Theory of Money increases the value of money supply and the velocity of money in an economy.

• Government increasing infrastructural- Higher unemployment

• Solow model: This predicts steady growth through productivity and capital accumulation.

• Understanding multiplier in a closed economy. Interest rates etc.

• If government increases its spending, inflation could increase.

• Consequences of a fiscal expansion: An increase in the trade deficit

• If real GDP is lower than Nominal GDP, inflation is positive.

• Can be applied despite ex and cubic term =-√n indicates the degrees of freedom.

• Sample proportion as see

• In set theory. A and B complement are indepedent

• One cannot use past wages to determine future wages

• Even if weakly rejects null. it will reject

• A Predicted Value regression model; the red are the residuals.

• Mileage does effect car speeds; at 1% effects gas mileage.

• Salary based on your good prediction turns out to be: Scatter

• Level of significance always fixed for certain percent.

• Why 1920 Great Divide: A) D) Population significanty rose after the Great War.

• Speacial Act due to FDI.

• Primary aims are prudece is budgetary decision.

• Control Money Supply is not allowed.

• MGNREGA cannot be appli cable to citizens everywhere.

• 1979 rise caused by failure.

• Surplus. total capital equals rate=10% A=B

• Not true for all casts.

• Labour is measured through working employment.

• Not true for indiana Agri.

• A) = D) Is not correct.

• Need to make hypothesis

• If uniform,

• Best guess.

• Heigh propor inches

• Error of mean

• Test means and procedures.

• Insurance of 10 to be of accident

• B/A = A/B, and so on.

• Same decrease and increase

• Free policy, easy rate.

• Cannot simultaneously consumption decrease

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==Start of Summeries

• Public Good and the Indian Army: The Indian Army exemplifies a pure public good, providing national defense services to all citizens without direct individual payment.
• Market Dynamics After Monopoly Breakup: When a market transitions from monopoly to competition, prices typically increase, assuming all other conditions remain the same.
• Rational Consumption and Utility Maximization: Given an individual's utility function and budget constraints, understanding how to maximize consumption in a market.
• Public Health and Negative Externalities: Air pollution in Delhi represents a clear example of a negative externality.
• Gini Coefficient: The Gini coefficient represents an important metric for understanding wealth distribution.
• Game Theory and Pareto Efficiency: The Nash equilibrium (I,L) is Pareto efficient.
• Monetary Policy and Inflation: The effectiveness of monetary policy is influenced by the slopes of the IS and LM curves, which represent the equilibrium in the goods and money markets, respectively.
• The RBI (Reserve Bank of India to reduce the rate by reducing interest and so forth. Indian labour more for lower.
• The Mincer model is used to generate employment and wages.
• Economists are to study in India.
• The Indian economy in 1960s caused monsoons
• The GINI is greater.