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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.
Managerial theories of the firms
run a s monopoly how will this benefit stakeholders involved, such as the goverment, businesses, and consumers?
Question: (a) Assume a firm operates in one location but serves on two distinct markets, namely, 1 and 2. The demand functions are: Market 1: P1 = 40 - 0.3 Q1 Market 2:
Ways in which the markets fail and discuss why government intervention is justified and whether government intervention works or not.
GENERAL PRINCIPLE OF EXTRACTION OF METALS
The recent flooding in the upper Midwest destroyed a important proportion of the corn crop. Though, it has been discovered that corn oil is far better in keeping cholesterol withi
Ask questi‘Social welfare functions embody a normative conception of the relative importance of equity and efficiency’. With the aid of diagrams, illustrate and explain this propos
Themes of Microeconomics ?? As per Mick Jagger & the Rolling Stones, “You can’t always get what you want”. Why Not? ?? Restricted Resources ?? Infini
Individual demand curves for two perfectly competitive market TC1=10q1+1/2q1^2+100 = firm 1 TC2=10q2+q2^2+100
use the concept of the income elasticity of demand to explain the difference necessities, luxuries and inferior goods
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