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Why elasticity is important for economic analysis?
Elasticity is a significant concept in understanding the incidence of indirect taxation, marginal concepts as they relate to the theory of the firm, distribution of wealth and dissimilar types of goods as they relate to the theory of consumer choice and the Lagrange Multiplier. Elasticity is also crucially significant in any discussion of welfare distribution: in particular consumer surplus, producer surplus, or government surplus. The method of Elasticity was also an significant component of the Singer-Prebisch Thesis which is a central argument in Dependency Theory as it relates to development economics.
Nucleic acids perform two important functions 1. Replication: It is the property of biomolecules to synthesise exact copy of it. DNA has this unique property of duplicating it
explain graphically Equilibrium of a multi product firm
In his 2009 budget proposal for the U.S., President Obama wrote, "Unfortunately, we are also inheriting the worst economic crisis since the Great Depression which will force us to
is south africa''s economic system now more allocative efficient
what are the factors influencing supply
Economic Rent - Economic rent is difference between what firms are willing to pay for the input less the minimum amount required to obtain it. * An Example - There are tw
Evaluate the equilibrium price and quantity (a) Find the equilibrium price and quantity (b) If government in trying to control the price of the good fixes the price at c550
1. What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2. Define economies of scale and e
Externalities: Many economic activities have collateral effects (at times positive, but more often negative) on other people who aren't directly involved in that activity. Illustra
1. Through graphs describe the relationship between the price, P , and the average total cost, ATC , for a firm in perfect competition when it earns an economic profit; earns a n
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