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When measuring price levels in the economy (such as when calculating the CPI index), why is a weighted average used? Because we require giving greater emphasis to prices at whi
Point elasticity: It refers to measurement of elasticity on a point On a demand curve. Point elasticity helps in measuring elasticity where change in price and quantity is infinite
Q. What is Tradeable product? Tradeable:A product (a service or good) is tradeable if its purchaser can purchase it far away from the place where it is produced. Most goods (ot
The reduced row echelon form of A= is equal to R = (a) What can you say about row 3 of A? Give an example of a possible third row for A. (b) Determine the values o
Indifference Curves: Every consumption-leisure point, (l; c), in the diagram is associated with a unique level of utility. The line II represents the individuals indifference curv
Suppose a family earns £1,500 per month and can either pay £0.50 per square foot in monthly rent for an apartment in the private rental market, or accept a 1,500 square foot house
Problem: (a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society. (b) Distinguish bet
Demand Pull Inflation: It describes a sustained increase in the general price level that is caused by a permanent increase in nominal aggregate demand. Simply, is can be view
types of market competitions
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