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Consumer Surplus
-Difference between maximum amounts a consumer is wishing to pay for a good and amount actually paid.
The stepladder demand curve is converted into a straight line demand curve by making the units of good smaller. Combining consumer surplus with aggregate profits which producers obtain we can evaluate:
1) Benefits and Costs of different market structures
2) Public policies which changes the behavior of consumers and firms
Law of mass action states that at a constant temperature rate of a chemical reaction is directly proportional to product of active masses of the reactants raised to the power equal
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
Definition and graph of centralized cartel
What are the properties of indirect utility function? Properties of the indirect utility function: While u(x) is continuous and monotonic onto R L + and (p, m) > 0, the in
how to calculate the volume of exports? or what is the definition?
heckscher - ohlin theory of trade
veblen effect
the definition of exceptional supply curve
Question 1: i) Elaborate on the different types of price discrimination that a monopolist may use and what are the required preconditions for its application? ii) What dete
Jane receives utility from days spent travelling on vacation domestically(D) and days
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