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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
conditions of pareto optimality
discuss how economic theory of marginal utility explains the optimum pattern of consumption for an individual consumer
Rework figure 1 assuming a closed economy
how can a consumer get maximum Equlbrim
in aid of a diagram explain the concept of diminishing returns in production
1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
Shor tage A condition under that the quantity demanded for a good or service exceeds the available supply for that good or service. Shortages usually cause a rise in price
Tom's pizza sells for $ 5.00 ea and serves an average of 425 customers per week. During a recent sale, Tom lowered the price to $ 4.00 per ea. Sales increased to 500 customers duri
draw demand curve for a-phone explain how the graph, price ,and quantity demand will change if there is an overall increase in income.
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