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the price of a laptop increases by 20% and there is a 40% drop in the quantity demanded
You estimate that the price elasticity of demand for one-acre plots in Lusaka is -1.5 and that income elasticity of demand is 5. Land owners intend to increase the price of a one-a
Explain how the price system eliminates a surplus. The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pr
explain the main criteria for classifying firms into industries.which criteria serve the better and why?
a project report on marshalls marginal utility analysis
Consider a non-renewable resource. There are two periods, now and later. The demand curve in each period (t = 1, 2) is Qt = 10 - Pt. The stock of the resource is 10 units. Extracti
Government Production: Some production in the economy is undertaken directly by governments (or several kinds of government agencies) in order to meet public requirements (as disti
Ask questi‘Social welfare functions embody a normative conception of the relative importance of equity and efficiency’. With the aid of diagrams, illustrate and explain this propos
Recent developments in demand theory
How has the Harberler''s theory of opportunity cost an improvment over the classical theory of trade?
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