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1. Let's get some practice plotting budget constraints. On the graph below, plot the budget constraints when: a. (Use Black): P x = 57,P y = 18, and M = 342. b. (Use Blue):
1. What are the uses of elasticity to the public sector and private sector? (20 marks)
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1 Differentiate between a firm and a market. 2 Graphically illustrate (i.e. draw) and explain the relationship between the market demand curve and the individual firm's demand c
The act of production involves the transformation of inputs into output. Production is a transformation of physical inputs into physical inputs into physical output. The output is
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There are different reasons for state trading. Important reasons are given below. (i) State may directly buy the goods required by the various government departments and agencie
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