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The cross elasticity of demand calculates the responsiveness of the quantity demanded of one product to alters in the price of another product. For example, the quantity demanded of Coca-Cola to alters in the price of Pepsi. Cross elasticity of demand gives an indication of how close a substitute or complement one commodity is for another. This concept has substantial practical value in formulating marketing strategies for most products.
#question.using a well illustrated diagram, explain the concept of producers equilibrium .
Advantages of Division of labour: Division of labour has advantages including the following: Development of Greater Skill by the Worker In division of labour, each
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The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity. In other words, as price enhances (reduces), the qu
Problem: (a) Define money and briefly explain its core functions. (b) Explain the relationship between interest rate and price of bonds, illustrate using example. (c)
The most fundamental economic problem is scarcity.
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
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what are the similarities and differences of marginal productivity and marginal utility
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