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crumble corporation produce biscuits. here the relation between the number of workers and output
explain how a perfact market responds to changes in consumer demand?
When does deadweight loss occur to society? Applying consumer and producer surplus the efficiency costs of a tax: A tax causes a deadweight loss to society, since less the g
This involves the characteristics of the production human as well as non human using the product concerned. For example it may pertain to the number and characteristics of children
would a rational producer be concerned with the average or marginal product of an input in dec
Income and Substitution Effects A fall in price of a good has the two effects: Substitution & Income -Substitution Effect Consumers will tend to buy more of the good
GIVE EXAMPLES OF EACH OLIGOPOLY MODELS FROM REAL LIFE
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
Why might an oligopoly be reluctant to change its price? When some large firms have high total market share and are non-collusive, there is a strong element of interdependency.
Determine the Business Cycle and Classical Economists Business Cycle: The business cycle is the fluctuations in the rate of economic growth that take place in the economy. Th
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