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The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity. In other words, as price enhances (reduces), the quantity demanded by consumers will reduce (enhance). The relative proportions of the changes in price and the respective quantities demanded are the responses of consumers and are referred to as the price elasticity of demand.
What is a natural monopoly Define natural monopoly as a situation where the advantages of scale a fixed costs are so high that it is impossible to fully exploit them. MC and AC
The Money Creation Process is explained below: We can now study the money supply or the creation process. Suppose the government wishes to buy pencils worth Rs. 10 for the offi
given that a=(4;2) and b=(5;11)determine the value of x in the following equation b=3x-1/2a
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Elastic and Inelastic Demand can be understood as follows: Slope and elasticity of demand have an inverse relationship between them. When slope is high elasticity of demand bec
Axioms: Revealed preference theory is based on the axioms listed below. • Consumer will spend all her income on goods. The consumer equilibrium always remains on the budg
what is microeconomics in business decision
If the quantity demanded of Pepsi Cola goes up, and its supply enhances what will occur in the market for Pepsi?
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
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