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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 Average Revenue= Marginal Revenue
firm''s product sells for Rs.200 per unit in a highly competitive market. The firm produces output using capital (which it rents at Rs.7500 per hour) and labor (which is paid a wag
illustrate and explain the changing demand for big mac using indifference curve and budget line
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
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
different types of production funtion and curve given by different economist
Suppose a family earns £1,500 per month and can either pay £0.50 per square foot in monthly rent for an apartment in the private rental market, or accept a 1,500 square foot house
Consider two individuals M and F who must split 20 units of good X and 10 units of good Y. Suppose we can represent M's preference with the utility function Um =X ^2 mYm and Fs
Suppose that demand is downward sloping and supply upward sloping. Subsidies cause dead weight loss despite the fact that: 1)consumer surplus increases. 2)total surplus increases
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