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What is the different between price effect and sales effect?
Both relate to Elasticity and Total Revenue:
a. A price effect: After a price raise, all unit sold sells at a higher price that tends to increase revenue.
b. A sales effect: After a price raise, fewer units are sold that tends to lower revenue.
What are the 4 scarce, factors of production and what is a description of each of them. What are the costs to these resources?
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what are the two precautions required while estimating national income by value added method?
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