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Explain what the phrase “price rationing” means.Price rationing is the method by which the market system assigns goods and services to consumers while quantity demanded exceeds quantity supplied.
Modem theories of trade
Explain the factors influencing the value of PED and yED. PED and YED should be explained and then dealt with in terms of determinants. PED is dependent on availability/closene
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
draw the supernormal curve
show this in a pie chart age = under 20|number of people = 20.90
The basic concepts of price theory
According to the Linder theory ,trade will occur in goods that have overlapping demand. With aid of a graph ,illustrate this theory and its implications
The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded.
explain the following disadvantages of amalgamation. Complex nature
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