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Price elasticity of supply:
It is the responsiveness of quantity supplied of a commodity to a change in the price of the commodity and measured as percentage change in quantity supplied divided by percentage change in the market price of the commodity. That is:
The price of petrol fell during the past year. a. Explain why the law of demand applies to petrol just as it does to all other goods and services. b. Explain how the substitu
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what happen when a new resources has been discovered for computer
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Explain the figure of say''s law of market
Suppose taht two people, Michell andJames each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle
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• Production Function . The factors of production have to be combined in a particular manner to produce a certain product. Think of baking a cake which involves mixing fixed propor
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