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Q. Describe Consumer Price Index?
Consumer Price Index:Consumer price index (CPI) is a measure of overall price level paid by consumers for various services and goods they purchase. Retail price information is gathered on each type of product and then weighted according to its significance in overall consumer spending, to construct CPI. Annual or monthly changes in CPI provide a good measure of the rate of consumer price inflation.
if a monopolist makes economic profits, new firms enter the market and compete with the monopolist in the long run.
the prevalence of excess capacity is the direct consequence of the existence of monopolistic competition
A competitive firm produces output using three fixed factors and one variable factor. The firm’s short-run production function is q = 154x – 5x2, where x is the amount of variable
Perfect competition: The behaviours of firms in perfect competition. It should be noted that firms that fit into perfect competition model are very rare in real-life situation
What is the mathematical definition of price elasticity of demand The price elasticity of demand is the percentage alters in quantity demanded divided by the percentage change
Question: (a) Long Run Incremental Cost (LRIC) is considered as the "gold standard" for setting interconnection charges. Discuss the strengths and weaknesses of the three ap
Lab Exercise 1. Taco Del Mar has completed a study of weekly demand for its tacos in Washington State's regional markets. The study developed the following demand function: Q =
Micro Economics 1. Discuss the short-run cost-output relations. 2. Write a short note on pure competition. 3. Describe excess profit criterion. 4. Discuss the vario
Laspeyres index The Laspeyres index tells us that: - The amount of money at present year prices which an individual requires to purchase bundle of goods and services which w
Problem: (a) Distinguish between fiscal and monetary policy, giving examples where appropriate. (b) Explain how fiscal and monetary policies might be used by a government
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