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Explain how the price system eliminates a shortage.A deficiency means that quantity demanded is greater as compared to quantity supplied. This will lead to upward pressure on price.Since price rises, quantity demanded falls and quantity supplied rises. This will carry on until quantity demanded is equal to quantity supplied.
THEORY OF DEMAND: The consumer behaviour under indifferencecurve approach where it is assumed that the consumer possesses a utilityfunction. The next most important theory th
Elasticities of supply and demand Other Demand Elasticities – Income elasticity of demand calculates the percentage change in quantity demanded resulting fro
Consumer Choice * Decision making & Public Policy - Selecting from a non matching and matching grant to fund police expenditures
law of diminishing returns
Consider a decision faced by a cattle breeder. The breeder must decide how many cattle he should sell in the market each year and how many he should retain for breeding purposes.
Paradox of Thrift: An individual household, governmentor business may attempt to save money by reducing their current expenditures. Though those attempts to save, once amalgamated
Q. Explain Labour Intensity? Labour Intensity: Ratio of labour effort expended, compared to total on-the-job compensated labour time. A higher ratio of labour intensity reflect
Duopolist P=20-0.1Q where Q=QA+QB CA=QA CB=0.1QB2
Question 1: (a) The Mauritian government is now increasingly involving the private sector in the development of the economy. How can government support effective private secto
would a rational producer be concerned with the average or marginal product of an input in dec
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