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What do you mean by Consumption Set? Consumption Set: We notice a consumer faced along with possible consumption bundles within consumption set X. We generally assume that X
Just in Time Scheduling - JIT JIT techniques are being widely adopted by operations managers in manufacturing companies in the West. JIT ideas have not only had a profound im
Factors that calculate price elasticity of demand: The proportion of Income spent on the Commodity If the price of a good is relatively low such the expenditure on it is a
(i) Define the three types of price discrimination, clearly stating the different information requires of each type of discrimination. (ii) Find a real-world example of second-degr
All other things equivalent, the higher the proportion of income spent for the commodity more price elastic will be the demand. Most home owners are recognizable with how this de
what to produce of capitalism
Gibb''s energy In every chemical system, the substance moves in a direction in which there is a decrease in free energy, for example i.e. ?G is negative. G = H - TS where, G is
is south african economic system more allocative efficient?
Illustrate the roles of mathematics in modern economics? Roles of Mathematics in Modern Economics: Mathematics has become a significant tool into modern economics. Mostly
CleanAuto Inc. has four workers: Julie, Ian, Devon, and Thomas. CleanAuto Inc. provides two services: interior vacuuming and exterior wash. Julie can perform each of these tasks in
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