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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.
The Budget Line The line BB gives the persons budget constraint. It is described by the linear equation c + wl = w; which can be rewritten as c = w - wl: The budget li
define opportunity cost and how it is useful in managerial decision making?
Economic Development The word development is from the Latin root ‘Voloper’ which meant wrap up, envelop. The English used this word along with ‘des’ meaning ‘undo’. The word
Estimating and Predicting Cost * Estimates of future costs can be obtained from a cost function, which relates cost of production to level of output and other variables which t
What is an index number?compile a chart of the types of consumer price index numbers showing-the agency who prepares it,index formula,target group,groups of items covered and the w
A competitive firm produces output using three fixed factors and one variable factor. The firm’s short-run production function is q = 154x – 5x2, where x is the amount of variable
an explanation of the meaning of price ceiling
Special Drawing Rights: The late 1960s witnessed that the growth in world resources did not keep pace with the growth in international trade. The slackness in the growth of re
Define structural isomers and its types Coordination compounds that having same compositions but the different bonding attachments. Types of structural isomers Hydration isomers
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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