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Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.”
Types of Elasticity can be explained as follows:
There are four major types of elasticity which are stated below:
• Price Elasticity of the Demand.
• Price Elasticity of the Supply.
• Income Elasticity of the Demand.
• Cross-Price Elasticity of the Demand.
Suppose that you can produce high-quality beef at $3 per pound and sell it for $8 per pound. Low-quality beef costs $1 to produce but only sells for $4 per pound. If quality is uno
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do you think that dimnishing returns to a factor are consistent with increasing returns to scale? explain with suitable diagram and reasoning.
Transactions demand for money: Transactions demand for money represents cash balances held by economic agents in order to carry outordinary everyday transactions.For example,
#queUse a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more wome
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Could I have examples of syndicated and organized oligopolies with companies as examples
ref article :http://www.economist.com/news/finance-and-economics/21587795-if-congress-fails-lift-limit-americas-debts-consequences-are a.assume that the debt ceiling crisis
what are the forecasting techniques
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