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Determinants of the price elasticity of demand are explained below: 1. Number of close substitutes present within the market - The more and closer substitutes available in the
What is What is Critical Temperature? Why Critical Temperature is Specified in Equation? Describe critical temperature specification...
Neoclassical economics is dominant approach to economics currently taught and practiced in most of the world (and particularly dominant in Anglo-Saxon countries). It attempts to ex
The price of oil increases because OPEC reduces oil production
Define the production terminology in short. Production Technology: Production is the procedure of transforming inputs to outputs. Characteristically, inputs consist of labor
a severe restriction occurs to the availability of consumer credit throughout the banking and finance system
The demand for every productive resources is a derived demand. By derived demand it is meant that it is the output of the resource and not the resource itself for which is a deman
managerial problems related to microeconomics
Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.
Types of budget: Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by
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