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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.
define scarcity and opportunity cost.Show how these concept are useful in managerial decision making
Environmental issues factors This is governed by the below factors: The type of economic system of the country Business cycles Industrial policy of the countr
Macro-economic policy objectives The major macro-economic policy objectives which the governments strive to achieve are: i. Full employment One of the main objectives
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
wHAT IS THE SIGNIFICANCE OF EXPECTATION ELASTICITY ?
Explain a circular flow of income in a frugal econmomy with diagram
a critique of the relevance of managerial economics
income generation process through investment multiplier
Average Propensity to save The Average Propensity to Save [APS] is defined as the fraction of aggregate national income which is devoted to savings. Thus if S denotes savin
Prices of the factors of production As the prices of those factors of production used intensively by X producers rise, so do the firms' costs. This cause supply to fall as some
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