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What is the difference between 'concept' and 'assumption'?
These two terms are very dissimilar. The term 'concept' refers to an idea or abstract principle. For instances, force, space are concepts in Physics, God can be a method in religious beliefs, time is a method in Metaphysics, demand & supply are concepts in Economics, etc. However 'assumption' means a statement of something that has been taken for granted or something that has been accepted without any real proof.
For example, "people are maximizers" is an assumption in Economics.
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is economics a positive science
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price quantity 10 60 20 70 30 90 40 110 50 130 derived a supply function for the relation between price and quantity
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resonance effect
use the concept of the income elasticity of demand to explain the difference necessities, luxuries and inferior goods
(ii) Find a real-world example of second-degree price discrimination. Describe the important aspects of your example in detail and analyze it using economic theory. In particular,
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