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Determinants of the Income Elasticity of the Demand:
The determinants of income elasticity of demand are given below:
Short Run and Long Run criteria:
Short run is the period in which not all factors can adjust fully and thus adjustment to shocks can only be partial.
Long run is the period over which all factors can be changed and full adjustment to shocks can happen.
conditions for an abnormal supply curve
Economists view depreciation as capital consumption for them, there are two distinct ways of charging for depreciation (1) the depreciation of equipment must equal its opportunity
what is a sub game perfect Nash equilibrium
What are the basis for International Trade?
Long run equilibrium - Perfect competition: In the long-run, on the other hand, the firm in perfect competition is making normal profit or zero economic profit as shown in Fig
Change in consumer and producer surplus from price controls * Observations: - The loss is equal to area B + C. - The change in surplus = (A - B) + (-A - C) = -B - C -
I don''t understand PPC at all
Suppose you own a home remodeling company. You are currently earning short-run profits. The home remodeling industry is an increasing-cost industry. In the long run, what do you ex
Globalization: A generalized historical process by which more economic activity occurs across national borders. Forms of globalization include international trade (imports and expo
(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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