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All other things equivalent, the higher the proportion of income spent for the commodity more price elastic will be the demand. Most home owners are recognizable with how this determinant works. The demand for single family dwellings is likely to be more elastic than the demand for apartments, because a higher proportion of your income will be spent on housing when you own your home.
define for whom to produce
explain the various marginal uses and limitations of break even poin?
define opportunity cost and how it is useful in managerial decision making?
under which market structure does the banking sector fall?
I want to know all about equilibruim consumer equilibruim firms equilibruim nd market equilibruim technically also??
The following are AC and TC functions for various firms (i). AC = 140/Q + 20 (ii) AC - a/Q = k (iii) TC - 10 =2Q + 0.1Q 2 (iv) TC - k - βQ = cQ 2 Where a, k, β and
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As a consumer increases the consumption of any one commodity, marginal utility of the variable commodity must eventually decline."Illustrate the statement. Illustrate law of dem
Maurice has the following utility function: U (X; Y ) = 20X + 80Y ?? X2 ?? 2Y 2 where X is his consumption of CDs, with a price of $1, and Y is his consumption of movie videos, wit
How much would the price of Good Z (Pz) have to change in order to increase the consumption of Good C by twenty five percent (25%)?
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