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Prices of other goods must remain constant
Changes in the prices of other goods frequently impinge on the demand for a particular commodity. If prices of commodities for which demand is inelastic rise, demand for a commodity other than these in all probability would decline even though there may not be any change in its price. Thus, for the law of demand to operate it is imperative that prices of other goods don't change.
A firm can produce steel with or without a filter on its smokestack. If it produces without a filter, the external costs on the community are $500,000 per year. If it produces with
A company uses 2 inputs, K and L in its production function. The production function is given as where Q, K and L are in units per week. Price of input K per unit is RM100, and inp
Advantages of Planned System i) Uses of resources : Central planning can lead to the full use of all the factors of production, so reducing or ending unemployment. ii
Keynes Theory Keynes views about trade cycle entitled notes on the trade cycle of his classic the general theory of employment interest and money published in 1936. Although K
scope of marginal costing
Types of Income Elasticity of demand Depending upon the product, demand might increase or decrease in response to a rise in income. There are thus five types of income Elasti
1. What is the difference between a static (master) budget and a flexible budget? Ans: static budget is where a budget doesn't change a volume changes. An example could be th
If the landfill described in Example had a compacted density of 600 Kg/m3 a refuse depth of 9 m (29.5 ft), a moisture content of 20% by volume, and a 1-m (3.25-ft)-thick clay cov
Measurement of Inflation The rate of inflation is measured using the Retail Price Index. A retail Price Index aims to measure the change in the average price of a basket of g
Household This refers to all the people who live under one roof and who make or are subject to others making for them, joint financial decisions. The household decisions are a
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