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Uses of price and income elasticity of demand: The concept of price elasticity of demand has some uses whihc include the following: (i) Pricing of goods and services It is
Summary of Educational Planning and Economic Growth An economy with scarce resources and enormous needs and aspirations requires planning. This is true of the education sector
The Technology of Production * The Production Process - Combining inputs or the factors of production to attain an output * Categories of Inputs (or the factors of prod
Durability of the Commodity: With some commodities, we require one at a time and they are used for a very long time before they get spoilt. Examples of such goods are cars, tele
the basic circular flow model suggests that...
Gay Lussac''s law of gaseous volumes: While gases react with each other they always do so in volumes that bears a simple ratio to one and another or to the volumes of the products
Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production). Production: Process by which human labour
Question 1: Tourism is often seen as a way of generating income, particularly foreign exchange. The economic spin-off effects are viewed as the most important aspect of touris
Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this informat
Reducing Risk Three methods consumers attempt to reduce the risk are: 1) Diversification 2) Insurance 3) Collecting more information
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