Q1. James' Marshallian demand function Clarifies the utility maximization problem that is max U = x1 + x2. As the cost of good 1 is $1 as well as the cost of good 2 is $2, as well as income is $400. Assume that cost 1 increases to p1' = 3. Determine the substitution effect, income effect as well as total effect. Sketch the graph as well as Clarify what type of good is.
Q2. Elucidate in detail how banks operate. Include a description of how banks generate profits?
Q3. Elucidate how is Economic Darwinism a major force on industries around the globe?