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Price Discrimination: occurs when the same product is sold at different prices to different consumers. A monopolist divided his consumers into groups and sells his product at varying prices to them. Price discrimination is applied in order to increase the profits earned. Some consumers are willing to pay more for a commodity. The monopolist recognizes this fact and charges them a higher price. This enables him to earn a greater profit than he would have got by charging a common price.
Participation Rate:Proportion of working-age individuals who decide to ‘participate' in the labour force, by either being employed or actively seeking work. Precise definition of w
Factors Shifting Demand Curve: Factors Changing Demand Effect on Demand Direction of Shift in Demand Curve Ef
what is basic economic problem
Curvature of the Iso-quant: An iso-qunat is convex to the origin. This is so because as more and more units labour are employed, the producer would prefer to give up less and
discuss the revealed preference theory of consumer behaviour
Gross Domestic Product and Growth Rates: The rate of growth of the secondary and tertiary sectors has been more than double that of the primary sector, with the secondary sect
IS Mn3O4 basic or amphoteric.
A local airline charges $500 to fly (round-trip) to Louisville, Kentucky. From the past three months, whereas the $500 fare has been in effect every of the two daily flights have a
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
Point Elasticity of Demand - For large price changes (such as 20%), value of elasticity will depend upon where price and quantity lies on demand curve. - Point elasticity me
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