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Illustrates about the terms of elasticity?
• Definition of elasticity
a. Price elasticity of demand
b. Income elasticity of demand and
c. Price elasticity of supply
• Factors which affect the size of elasticities
• How elasticity influences the incidence of a tax, and that bears its burden?
Explain demand management of Keynesian economists The demand management of Keynesian economists of 50's and 60's is attacked by free-marketers for ignoring the importance of s
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George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50 he sold only 4,000 T-shirts. What is the demand elasticity? If his marginal cost is
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