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#• The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan
Distinguish among the terms of trade and the balance of trade for a country. Definition of terms of trade a) The amount of a given amount of export goods essential to buy
Q. Explain Labour Intensity? Labour Intensity: Ratio of labour effort expended, compared to total on-the-job compensated labour time. A higher ratio of labour intensity reflect
The demand curve for gasoline is P = 200 - 10Q. a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price change
What is the explanation for SAC to be tangent to LAC?(In other words, why must both be tangent to each other)?
Utility-Expenditure Duality: Consider the minimisation of the expenditures necessary to achieve a specified utility level. The solution for qi yields the compensated demand f
Expected Value - The weighted average of payoffs or values resulting from all the possible outcomes. The probabilities of every outcome are used as weights Expected
Consider the following flow (in thousands of people) between the various labour market states in a particular month:
EXPLAIN KINKED DEMAND CURVE
concepts of suply
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