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Suppose the demand curve for a consumer for coffee is: Q = 6 - 2P, where Q represents the number of cups per day and P is the price of coffee per cup. 1. Suppose the con
New developments
1- a- What are the five components of a time series? b- Briefly explain how you would estimate each component. c- What does deterministc trend mean? How do you detren
CHARACTERISTICS OF ECONOMIC INFRASTRUCTURE: Natural monopoly is the situation where the provision of a good or a service has economies of scale, which are realised most when a
Low levels of productivity: In addition to low standards of living, developing countries are characterized by relatively low levels of labour productivity. Throughout the dev
Non-existence of Objective Probability Distributions : Let us see why expectations are volatile in nature? According to Keynes (1936, pp. 149): "Our knowledge of the fact
All other things equivalent, the higher the proportion of income spent for the commodity more price elastic will be the demand. Most home owners are recognizable with how this de
THEORY OF REVEALED PREFERENCE: If consumer's taste and preferences do not change, then observation of her market behaviour or, actual act of choice between the commodity sets
Define Nash equilibrium
Selecting Output in Short Run * We will combine production and cost analysis with demand to determine output and profitability. A Competitive Firm Making Positive Profit
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