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Qdx=-30p+0.10+4pr+4t
Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest
Rationale for government intervention There are six major functions the government can perform in an economy. 1. The government provides a legal and social framework within which
what is Microeconomics?
The cross elasticity of demand calculates the responsiveness of the quantity demanded of one product to alters in the price of another product. For example, the quantity demanded
short run equilibrium of the industry
Adding the economic activities of government to the circular flow model shows that: 1. Government spending creates inflation 2. Government purchases of goods and services,
analyse the rise and fall in the price under market equillibrium situation?
Explanatory research is research conducted in order to describe any behavior in the market. It could be done by using questionnaires, group discussions, random sampling, interview
What is International Trade Economics, Explain study area of international trade economics.
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