Which cost theory is the best(modern or traditional theory of cost)
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No, the present methodology of poverty estimation is in appropriate because it takes into account only the basic needs of food, clothing, fuel, etc. But the quality of these basic necessities is the lowest quality available, which is not appropriate. (a) The amount which is fixed as the poverty line does not include the margin for price fluctuations and price rise which is constantly occurring. (b) The poverty line should include some correction for inflation and to take care of the market fluctuations.
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