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1. Seller has ample time to adjust to price change.
2. Buyer's response to small price change is significant.
3. Buyers are faced with many options when deciding to make a purchase.
4. Sellers do not have much time to adjust to price change.
5. Buyers consider this item to be a necessity.
a. Elastic demand
b. Inelastic demand
c. Inelastic supply
d. Elastic supply
GDP Price Level At the equilibrium level of income aggregate spending in the economy equals aggregate output. All along, we have assumed that the general price level remains un
Ways in which the markets fail and discuss why government intervention is justified and whether government intervention works or not.
Expected Value - The weighted average of payoffs or values resulting from all the possible outcomes. The probabilities of every outcome are used as weights Expected
Public Administration: According to L.D. White, "Public administration consists of all those operations having for their purpose the fulfillment or enforcement of public polic
when total production fall what,s the status of average product and marginal product
The issue I like to discuss is the ‘US Mortgage Delinquency'. The Mortgage Delinquency may be defined in simple term as the ‘repeated failure to make loan repayment on time'. The d
concept of risk analysis
Functions
what are the variables to be included in the social welfare of a country?
Law of mass action states that at a constant temperature rate of a chemical reaction is directly proportional to product of active masses of the reactants raised to the power equal
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