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George has been selling 5,000 T-shirts per month for $8.50. When he increased the price t0 $9.50 he sold only 4,000 T-shirts. What is the demand elasticity? If his marginal cost is
ACCOUNTING SYSTEM-EXAMPLE Let us now introduce a complication. There are three firms in the production sector. The Fruit Extracts Company manufactures from raw fruit, fruit ext
Suppose that the government wishes to decrease the market equilibrium monthly rent by increasing the supply of housing. Assuming that demand remains unchanged, by how many units of
Liberalisation and Changing Sectoral Composition of FDI: The latest is the ICT wave that has influenced the global shift in service industries the most. Therefore, these flow
trying to figure out how this works as I have two classes currently statistics/economics an
Q. Classical model and the long-term Phillips curve? In classical model, L and real wage are determined from equilibrium conditions in the labor market. L and W/P, hence, are o
Explain a circular flow of income in a frugal econmomy with diagram
Limitations of the theory of rational expectations: Critics of this theory note that if policy makers have more information about the economy or their own actions than d
A sample of 2,000 licensed drivers revealed the following number of speeding violations. 0 violations for 1,910 drivers. 1 Violations for 46 drivers. 2 violations for 18 drivers. 3
Q. Relationship between number of hours worked and unemployment? In all models we presume a negative relationship between number of hours worked and unemployment. If number of
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