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Decrease in Demand
At the initial equilibrium price P1, quantity demanded falls from q1 to qd. But the quantity supplied is still q1 at this price. Hence, this creates excess of supply over demand, and this causes price to fall to a new equilibrium level P2 and quantity to fall to a new equilibrium level q2.
Relevance of The Law of Diminishing Returns The law of diminishing returns is important in that it is seen to operate in practical situations where its conditions are fulfille
Importance of Income Elasticity If a country is experiencing economic growth, the income of the people will increase. However, for those engaged in the production of goods wi
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A medical insurance company offers its salespeople the following compensation scheme: each worker takes a fixed salary and, in addition to that, a commission depending on the volu
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What is the formula of finding Fixed cost of a quadratic function
Legal Sanction: A monopoly as stated above may be the result of a government sanction. The government of a country may legally permit a private monopoly or monopoly in the public s
what is a firm
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