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The elasticity coefficient is a number measured using price and quantity data to verify how responsive consumers are to changes in the price of a commodity. The elasticity coeffic
1. Moving from an economically inefficient to efficient allocation of resources will necessarily increase benefits by more than costs. 2. There are two demand curves for a pri
Transactions demand for money: Transactions demand for money represents cash balances held by economic agents in order to carry outordinary everyday transactions.For example,
Regardless of the market structure, oligopolist and the monopolist maximize their TR when MR=0. Do you agree?
how do minimum unit costs change with changes in fixed cost?
fig2.3 elaplanition of sales maximisation
defin giffen goods?
Within analysis of perfect competition, we distinguish between the short run and the long run on the basis that use of some input factors is fixed in the short run, but variable in
Define the generality of economic theory in the modern economics. Generality of Economic Theory An economic theory is based onto assumptions imposed onto economic environmen
Population census: A population census is the head count of people living in a geographical area or in a country. A population census collects comprehensive data on people to
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