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Price System: Demand is the quantity of a commodity that consumers are willing and are able to buy at a given price at a given time period when all other things remain the sam
Comparison with Our Targets : A proper objective assessment of our performance can be carried out only when we juxtapose our current achievements with: (i) planned or targeted
relationship between total utilities and marginal utilities
Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th
Duality Theorems: The relationship between the direct and indirect utility functions may be described by a set of duality theorems. The following illustrative theorems are pro
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the basics in micro economics
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
boumal''s single product modelwith out advertisment
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