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Define Disposable Incomeand dumping Disposable Income : The amount of income left after as deductions as income tax, pension contributions and national insurance. More genera
Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de
Entrepreneur: The entrepreneur or enterprise is a special factor of production that is in charge of the organization of the other three factors of production (land, labour and
Optimum currency area: An optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency
The Short Run versus long Run - Short-run: Period of time in which the quantities of one or more production factors cannot be changed. These inputs are called as fi
Island Economy: Consider an economy as a sea with islands of local markets. Each household produces goods and sells them on one and only one of the arrays of these markets. Go
Supply function given by equation QS = 3P - 50. Write an equation proposals if: a) Government introduces subsidies of 5 $ per unit; b) the government introduced subsidies of 15%
bain''s model of limit pricing with diagram
equilibrium price and output.
Economies and Diseconomies of Scale -Economies of Scale Increase in the output is greater than increase in the inputs. -Diseconomies of Scale Increase in the
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