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(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3. (ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of
Explain why subsidies to domestic firms act as a trade barrier. A trade barrier is broadly explained as any market intervention whereby the ratio of price of exports to price o
Q. What is International Monetary Fund? International Monetary Fund: An international financial institution established after World War II with the goal of stabilizing and regu
Defined Benefit Pensions: A pension plan that pays a specified monetary benefit, generally based on a pensioner's years of service and their income at the time of retirement.
Returns to Scale in Carpet Industry * The carpet industry has grown from the small industry to large industry with some large firms. * Question - Can the growth be illu
Dynamic Changes in Costs: The Learning Curve * The learning curve measures impact of worker's experience on costs of production. * It describes relationship between a firm
The Effects of Advertising on the Demand Curve: Advertising targets to: • Change the slope of the demand curve which means make it more inelastic. This is done by generat
Participation Rate:Proportion of working-age individuals who decide to ‘participate' in the labour force, by either being employed or actively seeking work. Precise definition of w
Price elasticity of supply – Computes the percentage change in quantity supplied resulting from a 1 percent variation in price. – The elasticity is usually positive as price
when average product is decreasing, marginal product is?
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