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Determine the Cross Elasticity of Demand
Measures the responsiveness of demand for good A to a given change in the price of good B. It is an significant piece of information to a firm as it helps them to predict how much the demand for their product will alter as the price of other goods change.
• If Mary uses all her resources to produce hats, she can produce 48 hats an hour. • If she uses all her resources to produce apple pies, she can make 24 apple pies an hour. how
What is Economics? Economics is explained as the study of how people choose to use their scarce resources in an attempt to satisfy their unlimited wants. In other words, we h
what are the microeconomic encompasses
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Would a risk loving person prefer an increase in the chance of winning the lottery by 20% or an increase in the jackpot of 20%
TRADE policy: The well known economist D. H. Robertson has immortalized the role of trade in development with his famous statement that "trade is an engine of growth". The pol
Physical Capital: A tangible tool, machine, building or other productive asset that is used to produce other goods or services. Pollution: Many economic activities involve disch
Effects of inflation: On Income Earners:Those on fixed incomes or assets (fixed in nominal terms) lose. However, those on incomes, which are directly related to the price leve
Short run production period and long run production period: The short run is a period of production during which some factors of production are fixed and some too are variable
Point elasticity: It refers to measurement of elasticity on a point On a demand curve. Point elasticity helps in measuring elasticity where change in price and quantity is infinite
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