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Closesubstitute goods:The number of closesubstitute goodsThe more substitutes of good has and the more close the substitutes are, the more elastic the demand for the good. For example, the beverage, bornvita, has a number of close sustitutes such as milo, chocolim, ovaltine etc. Therefore, the demand for bornvita is likely to be more leastic because the slightest increase in the price of bornvita, consumers of the product will switch to the consumption of one of the substitutes.On the other hand, if the goods does not have any close sustitute, the demand tends to be less elastic or inelastic. For example, there is hardly a substitute to food as a whole hence the demand for food as a whole is inlestic.
explain what will happen to price , the marginal cost of rice, and the quantity produced if the government sets a production quota of 2000 bags a week. draw a graph and explain you
I need help with filling out the bank balance sheet.
Indifference curve definition
Protection of infant firms: Infant industries are those firms, which are young. The absence of economies of scale to them makes their unit cost of production higher than older
1). Define and explain the concept of an externality. Provide examples of both positive and a negative externality. 2). The Prisoner's Dilemma Exercise:
give assumption, rules/formulas and demonstrate that ramsey prices are the seconnd best pricing. explain clearly.
What is average revenue and average revenue curve Average Revenue: The average revenue is the total revenue separated by the level of output. It is therefore the price.
if the inverse demand curve is p=120-Qand the marginal cost is constant at 10, how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welf
any ideas?
LONG PERIOD ANALYSIS: Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. H
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