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Describe the Status goods of law of demand
The law doesn't concern the commodities that function as a 'status symbol', add to the social status or exhibit prosperity and opulence for example gold,precious stones, rare paintings and antiques, etc. Rich people typically purchase such goods as they are very costly.
what is the theory of firm?
Using Total Expenditure for Calculating National Income The expenditure approach centres on the components of final demand which generate production. It thus measures GDP
firms both in monopolistic and perfect competition tend to make normal profits but why do they criticize only monopolistic competition
1. The price of a CD (PC) is $10 and the price of a DVD (PD) is $20. Philip has his income (M) of $100 to spend on the two goods. Consider three consumption bundles: (C, D) = (2, 3
Custodian of Member Banks Cash Reserves As bankers bank the central bank performs several function. It keeps the cash reserves of commercial banks in the economy and thus acts
Compare the price elasticity at two parallel demand curves at a given price. This has been explained in Fig above where two demand curves AB and CD are given that are parallel to e
arguments in favour of traditional theory of profit maximization
Q. Explain about Concave Isoquant? If the isoquant is concave to origin it would mean that marginal rate of technical substitution is increasing. This behaviour is explained in
Fandem Technology manufactures two products using a joint process. The cost of materials going into the joint process for a typical period is $55,000, while labour and overhead to
discuss the significance of managerial economics in regards to business strategies employed by business entities currently operating in the global economy
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