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Distinction Between Cost and Expenditure
As has already been defined, cost is the money equivalent of material and human resources needed to produce a good or a service. Expenditure is the money equivalent of resources needed to access a good or service. Accessing a good or a service implies that one has to pay
(i) The cost of producing it
(ii) The profits expected by the producer as determined by market conditions for the same
(iii) The time and efforts required to purchase it.
Elasticity of Demand Price elasticity of demand measures percentage change in quantity demanded which results from a 1 % change in price. Price Elasticity
"A firm in monopolistic competition maximizes its profit by producing where its price is equal to its marginal cost." Is this statement correct or incorrect? Explain.
draw the supernormal curve
if the inverse demand curve is p=120-Qand the marginal cost is constant at 10, how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welf
what is the theory of Second best? Prove the theorem with the help of a diagram.
Laspeyres index The Laspeyres index tells us that: - The amount of money at present year prices which an individual requires to purchase bundle of goods and services which w
# 1 Question: Consider a competitive market for Berries. The market demand for the berries is Qd=50-P (Qd is the quantity demanded (cartons) and P is the price in $. The market sup
how do i make one on excel
TRADE policy: The well known economist D. H. Robertson has immortalized the role of trade in development with his famous statement that "trade is an engine of growth". The pol
Homer consumes only donuts and beer. When he consumes less than 10 beers, Homer would gladly drink one more. After drinking 10 beers, Homer is so drunk that he does not notice any
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