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Balance of payment: It is an account that summarizes a country’s total payments and total receipts from international economic transactions within a specific period usually on
merits and demerits of monopsony
Survey Methods: The most direct method of forecasting demand in the short run is survey method. Surveys are conducted to collect information about future purchase plans of the
about the price determination with the held of diagramatic explanation numerical explanation related to the concept
Income and Substitution Effects: Normal Good * The Special Case--The Giffen Good - The income effect may be large enough theoretically to cause the demand c
What are the 2 approaches in which results into a higher satisfaction?
What is contraction of supply?
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
Factors of Production : The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups: Land - all natu
Short run production period and long run production period: The short run is a period of production during which some factors of production are fixed and some too are variable
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