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International Commodity Agreements (ICAS)
International Commodity Agreements (ICAS) represents attempts to modify the operation of the commodity markets so as to achieve various objectives such as price stabilization of price enhancement. Support for such intervention stems from apparent weaknesses in the operation of market forces in achieving an efficient allocation of resources, appropriate levels of privately held stocks in some commodities and an equitable distribution of income from their export as between exporters and importing countries.
ICAS are to be distinguished from producers' or exporters' cartels by the feature of consumer agreement to the scheme and representation on the governing body.
Direct intervention The government can also intervene directly in the economy to see that its wishes are carried out. This can be achieved thorough: a. Price and i
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Actual income and Full employment income Full employment income (Also called Potential National) is the national income that could be produced when the country's factors of pr
The relationship between, total expenditure and price elasticity of demand has summed up in the below table: Table: Elasticity and Consumption Expenditure Elas
types of elasticity
determination of size of firm
Q. Implications for the shape of cost function? A cost function is also a mathematical relationship, one which relates the expenses an organisation incurs on the quantity of ou
Q. Show the uses of income elasticity? A few significant uses of income elasticity are as follows: First, concept of income elasticity can be used to approximately compute t
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Income Elasticity of different consumer goods Commodities Coefficient of income elasticity Impact on expenditure Necessities
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