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Explain consumer sovereignty and why it might not be that extensive in real life.
Explanation of consumer sovereignty
Use of S/D model to show how changes in consumption patterns manipulate firms output and price
Consumer and supplier surplus to show optimal resource allocation
Relevant assumptions like perfect knowledge/information, homogenous goods, competitive outcome (price competition)
concept of risk analysis
Why do demand curves generally slope downward? The demand curve slopes downward because in general, the higher the price of the good, the fewer people will need to buy it.
The least square method is based on the assumption that the past rate of change of the variable under study will continue in the future. It is a mathematical procedure for fitting
explain how scarcity impacts choice 2.expain the three steps process in economic analysis
why diminish MRS?
This involves the characteristics of the production human as well as non human using the product concerned. For example it may pertain to the number and characteristics of children
Uses of Balance of payments account: It removes the uncertainty associated with the flexible exchange rate regime and brings stability. It also indirectly imposes some anti inf
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What is Demand Forecasting? Explain in brief various methods of forecasting Demand.
At a market price of $21 a toy, what quantity does the firm produce in the short run and does the firm make a positive economic profit, a zero economic profit, or an economic loss?
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