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1. What is the difference between a static (master) budget and a flexible budget?
Ans: static budget is where a budget doesn't change a volume changes. An example could be that if the budget started out at $300,000, yet sales were $500,000, the budget would remain at $300,000. A flexible budget would adjust for changes in activity and volume either via an increase or decrease in price.
Fall in Supply When the supply falls, the supply curve shifts to the left to position S 1 S 1 . At the initial equilibrium price P 1 , quantity supplied falls from q 1
Price elasticity of demand The price elasticity of demand is defined as the degree of sensitiveness or responsiveness of demand for a commodity to the changes in its price. Mo
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
ECONOMIC EFFECTS OF TAXATION a. A deterrent to work Heavy direct taxation, especially when closely linked to current earnings, can act as a serious check to production
KEYNESIAN AND NEW-KEYNESIAN THEORIES OF UNEMPLOYMENT AND THE BEHAVIOUR OF REAL WAGES As mentioned above, two phenomena about the labour market need to be explained:
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Provide two examples of identity economics other than those given in the article
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Demand Schedule The law of demand can be explained through a demand schedule. A demand schedule is a series of quantities that consumers would like to buy per unit of time at d
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