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Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capit
concept of narrowness in pure economics
Suppose that there is a credit market imperfection because of limited commitment. As in the setup with collateralized wealth, each consumer has a component of wealth which has valu
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discuss the implications of various market structures(competitive and non-competitive)for price determination
Plot the demand schedule and draw the demand curve for the data given for Marijuana
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
Define the concept of cross elasticity of demand
if nominal GDP in 2002 exceeds nominal GDP in 2001, did real output rise?
The act of production involves the transformation of inputs into output. Production is a transformation of physical inputs into physical inputs into physical output. The output is
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