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Consider the following duopoly with differentiated goods where x 1 and x 2 denote the amounts of the goods 1 and 2 respectively, with prices p 1 and p 2 . The demand funct
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
using demand and supply curves explain how shortage and surplus are created
Change in demand: change in quantity demanded occurs when the consumption of a commodity increases or decreases as a result a change in the price of the commodity, when all ot
about the price determination with the held of diagramatic explanation numerical explanation related to the concept
Five uses of elasticity on the Public Sector and five uses of elasticity on the Private Sector.
Define the Production Possibilities Curve and explain the basic economics concepts using the PPC. Explain the factors tht shift the PPC outwards
why is normal rate of return on capital included in the total cost and what implication does it have
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the price of a laptop increases by 20% and there is a 40% drop in the quantity demanded
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