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Perfect Competition
It's a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any significant way such that the market dynamics are determined almost completely through the forces of supply and demand.
How economic theory explain optimum pattern of consumption for an individual consumer
Illustrate and explain the changing demand for big mac using the indifference curve and budget line.
What is elasticity of supply
Before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions. The difference between the ch
what is the type of the firms
If Kansas can formed either 400 tons of wheat or 100 tons of corn and Nebraska can formed 300 tons of corn or 200 tons of wheat then it makes sense for the two states to specialize
Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
how slustky equation provides neat analytical expression for substitution and income effect?
explain how a perfact market responds to changes in consumer demand?
If there is an industry and some of the companies get shut down, how would you graph the short run and long run effects
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