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Price elasticity of supply:
It is the responsiveness of quantity supplied of a commodity to a change in the price of the commodity and measured as percentage change in quantity supplied divided by percentage change in the market price of the commodity. That is:
What is a negative externality?
illustrate and explain the changing demand gor big Mac using the indifference curves and budget line
conditions of pareto optimality
Liberalisation of the Economy: Removal of Industrial Licensing: All industrial licensing was abolished but for a shortlist of 18 industries related to security and strategic
CHARACTERISTICS OF ECONOMIC INFRASTRUCTURE: Natural monopoly is the situation where the provision of a good or a service has economies of scale, which are realised most when a
Graph the following example and answer the questions: The United States and Japan only produce two goods. They have the same fixed resources and they are equally efficient, and bo
Themes of Microeconomics ?? As per Mick Jagger & the Rolling Stones, “You can’t always get what you want”. Why Not? ?? Restricted Resources ?? Infini
3.Cost Minimization for Cobb-Douglas. Suppose the Acme Gumball Company has the produc- tion function of q=LK. Given that the MPL=K, MPK=L and MRT S=MPL/MPK. Part a-b, we are anal
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
relation between production and consmption
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