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an introduction to cross elasticity of demand?
Explain in detail the concept of PPC with suitable eg.
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
scope of microeconomics
What is opportunity cost? Answer: Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that co
The vast majority of corn and soybeans produced in the United States is grown in the Midwestern states including: Nebraska, Iowa, Illinois, Indiana, and Ohio. This region experienc
Allocated Stock and Safety Stock Allocated stock A category of stock which ensures that current stock is set aside and not issued under the normal procedure. Safet
Inflation Types Inflation is generally classified on the basis of its rate and causes, while rate-based classification of inflation refers to the severity of inflation or how h
• Production Function . The factors of production have to be combined in a particular manner to produce a certain product. Think of baking a cake which involves mixing fixed propor
What is the expected profit?
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