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Explain why both the PES and PED tend to be inelastic in the short run for primary goods.
PED deals with (primarily) the ability and propensity of consumers to switch to other goods, which in turn deal with the availability of substitutes, the amount spent on the good and how income sensitive the good is. Taken together, in the SR, consumers are rather unwilling to switch to other goods when it comes to primary commodities, as are firms, which use such goods as factor inputs. PES deals with the availability and ease of switching to supplier substitutes, which in the SR is rather complex for commodity goods - because of seasonality of agricultural goods and the heavy investment often seen in mining for minerals.
Insurance - Risk averse are willing to pay to keep away from risk. - If cost of insurance equals expected loss, risk averse people will buy sufficient insurance to totally r
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graphical illustrations describing the influence of an increase in immigrants on the market supply of labour
bain''s model of limit pricing with diagram
1) Describe (with an example) how trading can lead to an increase in world output if countries specialize in the good in which they have a comparative advantage. How does the intr
what are the uses of elasticity to the private sector
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