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The Industry's Long-Run Supply Curve
* Long-Run Elasticity of Supply
1) Constant-cost industry
2) Increasing cost industry
Problem 1: i) Is Protectionism always beneficial? Discuss. ii) To what extent can a country actually rely on the principle of Comparative advantage before engaging in in
A Competitive Short Run Supply Curve of Firm * Observations: - P = MR - MR = MC - P = MC * Supply is amount of output for every possible price. Thus: - If
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AVOGADRO''S HYPOTHESIS In equal volumes of gases including all under similar conditions of temperature & pressure keeps equal number of molecules. Avogadro''s law and Applicatio
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Time is a significant determinant of price elasticity. If a price changes, it might take consumers a certain amount of time to discover alternative lifestyles or commodities to ac
How elasticity is always referred to as a positive value even though it can be negative? In economics, elasticity is measures of the incremental percentage change in single va
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