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Problem:
a. With the help of diagrams, describe how the price and quantity of potatoes will change under the different circumstances:
(i) A severe drought affecting its production (ii) Consumers expect a future rise in prices of potatoes; and (iii) A new production technique is adopted to increase efficiency.
b. Along the demand curve, price elasticity of demand is constant. Do you agree?
c. Describe the income and cross elasticity of demand.
what is iso curve
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Johnson Farms owns valuable farm land that allows it to produce wheat at a lower cost than its competitors. The company reports large profits each year on its accounting statements
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regression line drawn as Y=c+1075x, when x was 2 and y was 239, given that y intercept was 11. calculate the residual
Does the curve represent if the risk is NOT taken and the line connecting two points on the curve represents if the risk IS taken?
Explain welfare grants and subsidies
The idea for the national accounts came during the 1930s depression in the U.S., when decision-makers wanted to get a better sense of by how much economic production had fallen. Si
what is economic model and role of assumptions in it.
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