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Tastes of the buyer must not alter
Any alteration which takes place in the taste of consumers will in all probability thwart the working of the law of demand. It frequently happens that when fashions or tastes change people revise their preferences. As a consequence, demand for the commodity that goes down the preference scale of the consumers declines even though its price doesn't change.
The Microeconomic objectives of government These are the policies which are concerned with the allocation and distribution of resources to maximize social welfare. 1. Allo
When given two demand functions to calculate elasticity of demand do you use point elasticity or arc elasticity of demand formula
what does it mean?
Jane, the manager of a company manufacturing air-conditioning units can choose between two production technologies for a new product line. If she chooses and installs technology 1,
in the context of oligopoly theory explain the channels via which either a cost reduction or a quantity increase influence a supplier''s profitability
what is asset market theory theory in environmental economics?
A MATHEMATICAL APPROACH TO REVENUE AND COST FUNCTIONS Recall that TR = P x Q This implies that P(AR) = TR Q For example, assuming
Q. Explain the Shut down point? ShutdownPoint: With MR = MC, firm attains equilibrium at point E where it produces OM amount of the output. To produce this output, firm incur
State the relevant economic quantities Managerial economics helps the management in predicting numerous economic quantities like profit, cost, capital, demand, price, productio
Average Propensity to Consume The average Propensity to Consume [APC] is defined as the fraction of aggregate national income which is devoted to consumption. If consumptio
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