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Price Elasticity
A measure of the change in demand for a product relative to unit changes in the price of the product. If the percentage change in quantity demanded is greater than the percentage change in price there is the response to a change in price is said to be elastic.
Give two level of incomes 100$ and 150$ DRAW demand curve for individual a & b and then draw market demand curve for these two different kind of income
graphical illustration describing the influence of an increase in immigrants on the market supply of labour
List four characteristics of monopolistic competition
"Take a monopolist with a constant average cost. The higher is the elasticity of demand at the chosen monopoly price, the higher is the monopolist's profit-to-revenue ratio." Expla
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implications of market structures on price determination
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