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Problem :
(a) Describe the law of demand and the factors affecting demand.
(b) llustrate and Explain how demand of a commodity will change if there is a tax on that product.
(c) Describe the term Price Elasticity of Demand, how it is calculated and give an example of price elasticity and inelasticity.
(d) Distinguish between a variable cost and firm's fixed cost and give an example of each.
Example: The Value of Clean Air Air is free in sense that we do not pay to breathe it. Question: Are benefits of cleaning up air worth the costs? People pay extra to buy
Capital make large scale production and greater degree of specialization possible. Thus with capital accumulation the advantages of large scale production and specializations are o
Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de
Illustrate about the elasticity of substitution. The Elasticity of Substitution: The technical substitution’s marginal rate measures the slope of an isoquant. As well the el
Derivation of compensated demand curve: Hicksian compensated demand function for x 1 is given by x 1 =x 1 (p 1 , p 2 , U), where Hicksian compensated demand curve for a good
How does a per unit tax affect consumer surplus.
Determinants of Private Demand - Regional Disparity There is imbalance in distribution of facilities. There are over 600000 villages in India. And there were over 8737 degree
Why total product continues to increase despite a decrease in the marginal product?
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ACHIEVEMENTS OF BRETTON WOODS INSTITTUTIONS: Some of the important achievements of the BW Institutions can be summarised as follows: 1) International reserves have increa
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