Allama Iqbal Open University

(Units: 1–4) Q.1 Explain definition of economics given by Professor Robins. Does this definition relative to other ones comprehend more over the nature of economics or not? (20) Q.2 (a) What is law of diminishing marginal utility? Write a note on the practical importance of this law. (10) (b) Can income effect be negative? ................
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