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Price elasticity of demand
The price elasticity of demand is defined as the degree of sensitiveness or responsiveness of demand for a commodity to the changes in its price. More precisely, elasticity of demand is the percentage change in the quantity demanded of a commodity as a result of a certain percentage change in its price. A formal definition of price elasticity of demand (e) is given below:
State the Fixed factor of production Input level of a fixed factor can't be varied in the short run. Capital falls under the category of fixed factor. Capital alludes to resour
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State the Demand analysis Analysis of demand is assumed to forecast demand that is a basic component in managerial decision-making. Demand forecasting is of importance since
b) Discuss the validity in Zimbabwe of the grounds on which the profit maximising model of the firm has been defended.
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State the difficulties in the measurement of profit.
features of monopoly
features of monopoly?
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