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Diffrence between price and Income elasticity of demand:
Own price elasticity of demand is the degree of responsiveness of the quantity demanded of a commodity to a change in tis own price and measured as percentage change in quantity demanded divided by percentage change in the price of the commodity. That is:
On the other hand, income elasticity of demand is the responsiveness of demand for a commodity to a change in consumer income and measured as percentage change in quantity demanded divided bypercentage change in income.
Suppose the demand curve for a consumer for coffee is: Q = 6 – 2P, where Q represents the number of cups per day and P is the price of coffee per cup. Question: Sppose the co
what is the basis of marginal utility
Individual demand curves for two perfectly competitive market TC1=10q1+1/2q1^2+100 = firm 1 TC2=10q2+q2^2+100
So what caused the end of Malthusian age? How did humanity escape from the trap in that invention and ingenuity increased the numbers though not the material well-being of humanity
describe the dominent firm model
draw a production possibility frontier task using the graph and value and identity the pareto efficent and inefficient point and the marginal oppotunity cost of x for each point of
What is equilibrium point
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
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The marginal benefit of a refrigerant in a production process (the producer's willingness to pay for its use) is 100-5Q. The marginal damage from the use of the refrigerant on the
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