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Q. But, why do we assume demand curves of individuals slope down? In case of Market Demand, we argued that, when price falls, ceteris paribus, new buyers would enter market and some current buyers would increase their quantity demanded as relative price of good in question changed. But, new buyers cannot be an influence on an individual's demand curve; individual in question is buyer. How we justify assumption that individual demand curves have a negative slope? If y do not, then we may not be able to add them to get market demand.
Explain how is the cross elasticity theory used to empirically define economic markets.
a competitive industry is comprised of 15 identical firms, each with a short-run total cost function
It is assumed that quantity of item is intended of other items find out probability that first faulty item doesnot occur in the first six selected items.
Economists oppose limiting economic growth possibilities because such limits would inevitably involve
The following equations describe a small open economy. Calculate the equilibrium level of output (Y*).
At what value of X will Q be at its maximum. Illustrate at what value of X will Diminishing Returns set in.
Using human capital theory elucidate what these dangers are. While there may be good reasons for heavily subsidizing university education, there are also some dangers in it.
Suppose re are 300 of young in some period t. n, how many good are paid to government for tax in this period. In period t, how many good can each old person get and consume.
Suppose a household's annual take-home pay in 1951 was $8,320. Elucidate what would be an equivalent home pay in 1982.
Illustrate would be its profit-maximizing cost if the company were to build the bridge.
Illustrate what is the quantity of economic investment that has resulted from BBQ's actions
What is elasticity of demand for hamburgers at equilibrium. What are consumer surplus and producer surplus at equilibrium.
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