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Problem:
i) What is meant by ‘own' price elasticity of demand? What factors are likely to affect the size of this elasticity?
ii) A publicly owned bus line is running at a loss. It is suggested that the loss can be reduced by changing the price of the bus rides. Explain why whether the demand for bus rides is elastic or inelastic may affect whether the appropriate change in price is a price increase or a price decrease.
iii) The very existence of market failure suggests government intervention and provision. Discuss.
Returns from Education Monetary benefits from education are called as returns. Such benefits accruing to an individual are called as private returns. The sum of all private re
What is meant by non Price Competition? In which market structure does it exist? None price competition is an effort put by the supplier to earn extra profit without enhancing
bain''s model of limit pricing with diagram
Theories and Models ?? Microeconomic Analysis – Theories are taken in use to describe the observed phenomena in terms of a set of essential rules and
What is the concept of the development? The concept of the development: Development is a complicated multi-dimensional concept to do along with enhancements in the human
Price elasticity of supply – Computes the percentage change in quantity supplied resulting from a 1 percent variation in price. – The elasticity is usually positive as price
Problem: (a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society. (b) Distinguish bet
Sally recently finished her full time training and received certification as a nurses aid at the end of august.
Assume that milk operates in a perfectly competitive market, use a well labeled demand and supply model to explain how market equilibrium price of milk is being determined.
Trade union can also pay a useful role in improving the wages of the workers without causing adverse effects on employment. This case which is intensely associated with the idea of
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