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Identify the four essential economic activities.
The four main economic activities are:
a) resource maintenance,
b) production,
c) distribution, and
d) consumption.
use the concept of the income elasticity of demand to explain the difference necessities, luxuries and inferior goods
discuss the implications of various market structures(competitive and non-competitive)for price determination
a) An enhances in the quantity demanded of a good can happen because consumers expect the price of that good to enhance in the near future. b) A price ceiling imposed above the
identify any four other law of demand and give examples
do you think that dimnishing returns to a factor are consistent with increasing returns to scale? explain with suitable diagram and reasoning.
INDIVIDUAL DEMAND * Price Changes - Using figures developed earlier, the impact of a change in price of food can be shown by using indifference curves. Effect of Price
determinate equilibrium price and quantity. if Qd=7-1/2p AND Qs=1/4P-1/2
Example: The Value of Clean Air Air is free in sense that we do not pay to breathe it. Question: Are benefits of cleaning up air worth the costs? People pay extra to buy
assume you are selling a product and when your price is decreased by 29% your quantity demanded increases by 55%. What is your price elasticity of demand?
Returns from Education Monetary benefits from education are called as returns. Such benefits accruing to an individual are called as private returns. The sum of all private re
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