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Commodities that are viewed as luxuries typically have price elastic demand, and commodities that are requirements have price inelastic demand. There is easily no substitute for a insulin, if you are an insulin dependent diabetic. Because insulin is a need for which there is no substitute, the demand will be price inelastic.
Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
what happen when a supply shift to the right on a graph
discuss how a knowledge of price elasticity and income elasticity be of practical use to a firm
"As long as consumers are willing to pay a positive price for a good, the larger is the quantity formed, the greater is the total surplus from trade." Explain this statement if i
(i) How do we measure economic growth and why do we need economic growth? (ii) What can governments do to stimulate economic growth and create jobs? (provide some current exampl
Ask question #Minimum 100 wordswhat ism accepted#
if a country is managing its exchange rate what will do to counteract the effect of stock market bubble in this country? explain what central bank will do and show in supply and de
what is ''Prisoner''s Dilemma'',of non-cooperative game?estion..
A spherical wave is reflected from a planar mirror sufficiently far from the wave origin so that the Fresnel approximation is satisfied. By regarding the spherical wave locally as
This is the practice of maximizing profits and revenues and minimizing costs, using marginal analysis.
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