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Marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference curve analysis of consumer dema
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commodi
discuss the revealed preference theory of consumer behaviour
The Short Run versus long Run - Short-run: Period of time in which the quantities of one or more production factors cannot be changed. These inputs are called as fi
1.what is price mechanism? 2.how does price mechanism benefit an echonomy. 3.what are the characteristics of a centrally planned economy?
1. Cost minimizing firms must be profit maximizing as well. False, why??
function with equation,variable,parameter
Discuss the possible solutions for private solutions (Coase Theorem) Question 8: Demand: P=100-Q Supply: P=Q MEB= 10 Discuss the possibility of over or under allocations of reso
Does the curve represent if the risk is NOT taken and the line connecting two points on the curve represents if the risk IS taken?
Why narrowness of definition of a commodity may influence price elasticity of demand
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