The Single Country Model
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The purpose of this chapter is to develop the sufficient conditions for the existence and uniqueness of short-run equilibrium and the long-run balanced growth path in a model which permits some consumer choice. This model is useful because it provides a basis for the study of the growth equilibrium in a two country trading world, as well as an insight into the importance of the demand conditions in determining the short- and long-run equilibrium.
KeywordsPrice Elasticity Relative Price Income Elasticity Balance Growth Path Agricultural Good
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