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The International Monetary Fund The International Monetary Fund is a kind of an embryo World Central Bank. Its objectives are: i. To work towards the full convertibilit
Income Elasticity of different consumer goods Commodities Coefficient of income elasticity Impact on expenditure Necessities
Explain factors determining elasticity of demand.
Suppose that Betsy's utility function is given by the equation U=Y0.3 where Y is calculated in thousands of dollars. Betsy's present job pays her $20,000 (Y=20) per year and she ca
Q. What is Internal Diseconomies of Scale? Internal economies of scale exist only up to a certain size of the plant. Size of plant is called the optimum plant size since with t
ARGUMENTS FOR MONOPOLIES Although monopolies are usually hated mainly because their practice of consumer exploitation, there are some aspects of monopolies which are favourabl
Marginal utility approach The downward sloping nature of the demand curve can be explained by using the law of diminishing marginal utility . For instance, consider a consum
theory
Unit Elasticity of Supply Supply is said to be of unit elasticity if changes in price bring about changes in quantity supplied in the same proportion. Thus, when price rises,
Relationship between AC, AVC, AFC and MC is elucidated graphically by drawing respective cost curves in Figure below. Behaviour of cost curves is elucidated below. Figure:
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