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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?
Cost Reduction Positive measures to effect a lowering of costs include: reducing national insurance contributions (an ad valorem tax on employing labor);
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Give an example of a current event opportunity cost that includes graphs
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comparison between neoclassical factor endowment theory of international trade and classical labor cost theory of comparative advantage
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