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Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon t $3.50 a gallon. Your usage of paint drops from 35 gallons to 20 gallons a month. 1. Co
Problem : (a) Describe the law of demand and the factors affecting demand. (b) llustrate and Explain how demand of a commodity will change if there is a tax on that product
relationship between tfc , tvc , tc
Suppose that the following equation characterizes the demand for primary education in a developing country X: Q = 100 – 2P Where Q is quantity demanded in years of schooling and
law
discuss how a knowledge of price elasticity and income elasticity be of practical use to a firm
Explain the term Laissez-Faire The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector
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is it just assumed that a monopoly graph is showing economic profit instead of accounting profit
give a detailed discussion on the term economics of scale as applied to economics, highting examples,limitation,and original of economics of scale.
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