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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 qu
The process of production needs several inputs. These inputs are known as the factors of production. In most cases, firms own some of the factors of production while some have to b
Money facilitates market activities and is essential in complex market systems. With money people can avoid the problems associated with coincidence of wants. Between, these pro
Explain the monopolistic competition model of equilibrium with price competition under chamberlin s model
Various studies have concluded that the demand for movie cinema attendance is responsive to advertising. A study of one company, with movie cinemas in three neighbouring towns, sh
The functions of money include; (1) medium of exchange, (2) store of value, and (3) a calculate of worth. Due to money is acceptable as a form of payment for all commodities,
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What is law of demand
The cross elasticity of demand calculates the responsiveness of the quantity demanded of one product to alters in the price of another product. For example, the quantity demanded
The production function for a firm is expressed as follows: Q = 800K - K 2 +5KL - 7750L + 10,000 Where Q is quantity of units manufactured, K and L are units of capital and
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