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Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capit
Money market, labour market, goods market
1. Calculate price elasticity of demand and supply for the following functions when (a) P=8 and (b) Q=6. i. P= 40 - 0.5Q ii. Q= -40 + 0.75P iii
Theories and Models ?? Microeconomic Analysis – Theories are taken in use to describe the observed phenomena in terms of a set of essential rules and
advantage dis advantage of pure monopoly
Economies of Scope in the Trucking Industry * Questions: - Economies of Scope - Are large-scale, direct hauls cheaper and more profitable than individual hauls by small t
Q. Show the Environmental Taxes? Environmental Taxes: Taxes which are imposed on particular activities, or particular products, which are considered to be especially damaging t
The income elasticity of demand calculates the responsiveness of the quantity demanded of a commodity to changes in consumers' incomes. This is typically calculated by replacing t
what are the properties of cob-douglas production function
Shor tage A condition under that the quantity demanded for a good or service exceeds the available supply for that good or service. Shortages usually cause a rise in price
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