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determine if completeness and transitivity are satisfied for the following preferences defined on x=(x1,x2)and y=(y1,y2);if x>y or x=y and x2>y2,if for min{x1,x2}
What is Deflation? Deflation in economics refers to reduce in the general price level, i.e. the nominal cost of goods and services as well as wages reduce. As, it is an opposi
A tax imposed on a market with an inelastic demand and an elastic supply will cause
What is endothermic reaction? 3. Draw a generalised energy graph for an endothermic reaction.
The price of oil increases because OPEC reduces oil production
Movements of the demand curve itself, either to the left or right are known as changes in demand. A change in demand is caused by a change in one or more of the nonprice determina
Taxes: Compulsory government levies collected to pay for public spending. There are numerous types of taxes (corporate, income, wealth, sales, environmentaland payroll taxes); each
advantages and disadvantages
SUPPOSE A MONOPOLIST FACES A DEMAND CURVE OF D(P)=10-P AND HAS A FIXED SUPPLY OF 7 UNITS OF OUTPUT TO SELL.WHAT IS THE PROFIT MAXIMIMISING PRICE AND WHAT ARE ITS MAXIMUM PROFITS
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