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Types of Common Property Resource
There is list a large number of CPRs, which can be brought under the broad headings. There are so many types of common property resource. They are:
These resources are being degraded overtime due to overuse or lack of proper management.
The cross elasticity of demand calculates the responsiveness of the quantity demanded of one product to alters in the price of another product. For example, the quantity demanded
Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
Economic instruments Financial rewards, incentives and penalties that operate automatically via market forces, to encourage beneficial behavior.
You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply, so
Government Policy Business Cycle Business cycles create instability in the economy. The period of boom or rising business activities is characterised by increase in output, emp
Explain the axioms of completeness, transitivity and non-satiation using appropriate examples.
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how do you find the average fixed costs using total fixed costs and total product?
Problem 1: i) Differentiate between the short and the long run. ii) How is production characterised the short run? Explain the fully using numerical and diagrammatic illustr
What is the substitution effect?
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