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During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of prices and quantities.
(a) Computers
(b) Computer software
(c) Typewriters
having utility function U(x,y)= x1/2=y1/2, determine the hicksian demand function, expenditure function and indirect utility function.
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using the marginal utility approach discuss how economic theory explains the optimum pattern of consumption for an individual consumer
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What are the causes of emergence of monopoly?
explain the following disadvantages of amalgamation. Complex nature
John has a utility function given by U(M) = M0.5, where M represents an amount of cash prize in a game. If John wins, with the probability of 0.2, he will get $900; otherwise, he g
What are the differentiated conditions of economic issue? While discussing an economic issue, this is very important to differentiate between: (a) Two types of conditions: e
What is ceteris Paribus? Ceteris paribus is a Latin phrase, literally translated as "other things the similar," and usually rendered in English as "all other things being equa
Define the concept of cross elasticity of demand
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