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The price elasticity ( ε ) of demand for Q has been estimated at -0.5. Current consumption Q* is 70 units and market price (P*) is 0.70. a. Fit a linear demand curve to the obs
Q=10-2P,PRICE DECREASE FROM RS 3 TO 2
1. Nonwage Determinants of Labor Supply Suppose that two jobs are exactly the same except that one is performed in an air-conditioned workplace. How could you measure the value wor
Q. Explain about Natural Monopoly? Natural Monopoly: In some industries, economies of scale are so strong that it makes most economic sense for there to be just one supplier. T
Average Fixed Cost (AFC): AFC is the fixed cost per unit of output. AFC = TFC/y Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore
Determinants of Social Demand for Education Certain levels of education like the secondary school and graduate level are considered as having productive value and are attribut
What is the theory of Second Best? Prove the theorem with the help of a diagram.
Explain in detail the concept of PPC with suitable eg.
Economic Growth: Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income. A country is said to experience econo
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. The narrowness of the definition of the commodity
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