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why is the concept of elasticity crucial to the study of economics?
Is it possible for a firm to be both Price taker and price maker? A firm can either be a price taker or a price maker. It cannot be price maker and price taker at the similar
critical of comparative advantage theory
ELEMENTARY THEORY OF PRICE FORMATION: DEMAND-SUPPLY ANALYSIS: We discuss the elementary theory of price formation. Demand curve in the market is derived from the aggregate con
Costs of Education The resources employed to produce a good or service measured in monetary terms is known as the ‘cost of the product’. If the measurement is per unit of serv
Pollutant Any substance, species produced either by a natural source or by human activity, which produces very adverse effect on the environment is called pollutant. Some commo
for the total product curve why is it when you reach at maximum adding more input leads to decline in output?
Explain the importance of well-established property rights in the method of development. Definition of property rights should not begin and end with owning land and buildings b
how can a consumer get maximum Equlbrim
Question: (a) Using an example, differentiate between private, social and external costs and benefits. (b) With the use of a diagram, describe the difference between profi
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