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Explain the factors influencing the value of PED and yED.
PED and YED should be explained and then dealt with in terms of determinants. PED is dependent on availability/closeness of substitutes, time frame included, proportion of income spent on good.
YED depends on whether the good may be considered normal or inferior.
Problem 1: i) Differentiate between the short and the long run. ii) How is production characterised the short run? Explain the fully using numerical and diagrammatic illustr
The Long-Run Behavior of Natural Resource Prices Observations – Exhaustion of copper has increased by a hundred fold from 1880 through 1998 signifying a large increase in
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• 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
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Find the highest interest rate: There are 2 entrepreneurs, Sally and Paul. The return to their projects are given by: To finance the project, each entrepreneur needs
#question.what is probability and laws
what is the theory of second best ? prove the theorem with the help of a diagram .
American Long Run Growth, 1800-1973 Throughout the 19th and the first three quarters of twentieth century the measured pace of economic growth continued to accelerate. The meas
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