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What is micro static analysis?
Ask quesIn your own words describe how a market would adjust in situations of: a) Excess Demand b) Excess Supply c) Equilibrium As a follow up you might think about what effects
Determinants of the Income Elasticity of the Demand: The determinants of income elasticity of demand are given below: The Degree of necessity of the commodity.
1. Moving from an economically inefficient to efficient allocation of resources will necessarily increase benefits by more than costs. 2. There are two demand curves for a pri
Processors of aseptically packaged juice-based beverages must adequately heat their product before packaging it in order to be sure that they have “killed” the microorganisms which
Asian Crisis: Between 1997-98, several of the East Asian tiger economies suffered a severe economic and financial crisis. it had big consequences in the global financial markets, t
Uses of national income statistics: - It helps to organize economic data and activities. - It helps to classify economic activities into various segments or sectors. - It he
What is Modern Economics? Modern Economics: Modern economics mostly developed within last sixty years, methodically studies individuals’ economic behavior as well as econo
Question 1 Identify the basic postulates of economics Question 2 Discuss the role of price mechanism Question 3 Explain the shape and application of Engel curve
description of slutskian approach
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