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consumer surplus and elasticity of demand assumption of consumer surplus criticisms of consumer surplus consumer surplus in terms of indifference curves importance of the concept o
In an industry with two firms, represent the outputs for these single product firms as q 1 and q 2 . The two firms decide to form a cartel and set their levels of output to maxim
The demand for soft drinks has been estimated asQx 20PX 0.25PY0.45M 2 Determine the own, cross and income price elasticities of demand. Interpret your results.
Explain the term Laissez-Faire The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector
How many hours will an individual allocate to leisure if their indifference curves between consumption goods and leisure are concave to the origin? Show in figures and explain in
define perspective of managerial economics.
Disadvantages of division of labour: Division of labour may also have disadvantages that may include the following: (i) Lack of Craftsmanship Division of labour does not m
what is the south africas governments standpoint on international trade
why slopes of is and lm curves affect effectivness of fiscal and mnetary policy?
Question 1: Compare and contrast between perfect competition and monopoly. Which of the two types of market structures is efficient? Question 2: Prepare a short notes
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