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Importance of Cross Elasticity
Knowledge of cross elasticity is necessary when the government wants to impose a tariff on an imported commodity to protect a domestic industry.
Firms need to know the cross elasticity of their products and substitute products when contemplating price rises.
Firms also need to know the cross elasticity of the products and complements to plan their production.
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DIGRESSIVE TAX A tax is called digressive when the higher incomes do not make a due contribution or when the burden imposed on them is relatively less. Another way in which
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“Managerial economics involves use of economic analysis to make business decisions involving the best use of a firm’s scarce resources” Explain the statement with suitable example.
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