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First Degree Price Discrimination - The monopolist sells different units of the commodity at different prices which differ from person to person. Second Degree Price Discriminat
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
WHAT IS OPPORTUNITY COST
A competitive firm produces output using three fixed factors and one variable factor. The firm’s short-run production function is q = 154x – 5x2, where x is the amount of variable
Why some country saving less and consumption more?
THEORY OF REVEALED PREFERENCE: If consumer's taste and preferences do not change, then observation of her market behaviour or, actual act of choice between the commodity sets
ELASTICITIES OF SUPPLY AND DEMAND Usually, elasticity is a measure of the sensitivity of one variable to the other. It told us the percentage change in one variable in re
What is the difference between economics and business? Economics is the study of how we, the people, engage ourselves in production, distribution and consumption of goods and
Explain the meaning of the statment "coffee and tea are close substitutes".
What is What is Critical Temperature? Why Critical Temperature is Specified in Equation? Describe critical temperature specification...
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