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If producers expect future prices to enhance, current supply will decline in favor of selling inventories at higher prices later. In other words, supply will reduce (a shift to the left, and exactly the opposite response will happen if producer expect future prices to be lower. If the number of suppliers enhances, so too will supply, but if the number of producers declines, so too will supply.
indiffference curve
Problems of population census: High Cost of Census: Censuses are supposed to be conducted at a 10 year interval. The high cost of conducting census has made it impossibl
Price Elasticity of Demand is explained below: Price elasticity of demand/require is the percentage change in the quantity demanded with respect to the percentage change in the
Objectives of the WTO: The agreement establishing the WTO reiterates the following objectives of the WTO: • Raising standards of living and incomes, ensuring full employm
1- Explain how a policy mix (like the one used in 1990s) could help reduced to eliminate the budget deficit without having an adverse effect on the output. Illustrate your answer
First Degree Price Discrimination - The monopolist sells different units of the commodity at different prices which differ from person to person. Second Degree Price Discriminat
Perceived Value Pricing This refers to a pricing strategy that dictates that the price of a given item will be set based on the customer's perception of the value of that item
Why might an oligopoly be reluctant to change its price? When some large firms have high total market share and are non-collusive, there is a strong element of interdependency.
how can draw the table and diagram of production function function with one veriable
The Hypothesis of Inflation-Unemployment Trade-off : This hypothesis about formation of expectations is therefore known as the hypothesis of adaptive expectations. The hypothes
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