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Point Elasticity of Demand
- For large price changes (such as 20%), value of elasticity will depend upon where price and quantity lies on demand curve.
- Point elasticity measures elasticity at the point on demand curve.
- The formula for it is:
relation between production and consmption
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some fields have large enough quantities of both oil and ntural gas taht coordination must be achieved for the production of both, reather than oil alone as in our examples. will f
1
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why the production curve is bowed outwards
sources of oligopory
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
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