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The cross elasticity of demand calculates the responsiveness of the quantity demanded of one product to alters in the price of another product. For example, the quantity demanded of Coca-Cola to alters in the price of Pepsi. Cross elasticity of demand gives an indication of how close a substitute or complement one commodity is for another. This concept has substantial practical value in formulating marketing strategies for most products.
If a large amount of skilled labor immigrated into the country, which allows the available resources to produce more of goods X and Y, which of the following will occur? A.the y-i
subsitution effect dominate tha income effect in which good case?
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the basic circular flow model suggests that...
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ppf
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economic problems are faced by all types of economies but they are dealt with differently in different types of economies.discuss
Briefly discuss the components of macroeconomics system with suitable explanation
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