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Income and Substitution Effects
A fall in price of a good has the two effects: Substitution & Income
-Substitution Effect
- Income Effect
Functions
This research will follow the methodology of econometrics; Chao, 2005; Castle & Shephard, 2009): 1. Specification of the model using a specific stochastic equation, together wit
Distinguish between the terms of trade and the balance of trade. Basic explanation of the terms of trade as the average price of exports in relation to the average price of imp
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what are tne methots of demand forecasting ?
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