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Individual Demand Substitutes and Complements 1) The two goods are considered substitutes if an increase (decrease) in price of one lead to an increase (decrease) in quant
The Market for Pool Rafts The market for pool rafts in Playa del Largarto is competitive and includes no transaction costs. Five suppliers are willing to sell pool rafts in P
Q. Level of aggregate demand in economy? Demand-pull inflation takes place when there is an increase in level of aggregate demand in economy. Aggregate demand comprises five co
An economist's view of costs contains both explicit and implicit costs. Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resou
what is theory of product pricing?
Short run equilibrium - Perfect competition: In the short-run, the perfectly competitive firm maximizes its profit by producing output where MC=MR=P. This is shown in the diag
TC = Q3 – 8Q2 + 68Q + 4
Q. Describe Labour Market Segmentation? Labour Market Segmentation: Deep and systematic differences among various groups of workers, in which different types of workers are eff
What population information is needed by local authorities to provide the right number of primary and secondary school places? How would such information affect the plans of the lo
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