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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
How is the foreign exchange rate determined
When a worker is fired orlaid off, they experience a significant out-of-pocket cost. That cost of job loss relies on how much they were earning in their job, how long it takes them
the sources of market failure
If coolest icecream parlor has been closing at 5pm with $120 of marginal revenue and $80 of marginal cost for the last hour open, what should coolest icecream do to maximize profit
le..what was 6th financial planning of india?
Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capit
Monopoly is that form of market where there is only one firm producing a particular product. Being the sole supplier, the monopoly firm has the power to control prices and output t
Money: Broadly speaking, money is anything which can be used as a means of payment (for instance, to settle a debt). It includes bank deposits, actual currency, credit cards and li
Explicit cost: Explicit costs are payments made by the firm when it purchases or hires factors of production for the production of goods and services. They are also referred t
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