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Question 1: Define the concepts price elasticity of demand, income elasticity of demand and cross elasticity of demand and explain how these concepts can be useful to the man
waht are the characteristics of perfect competetion market
MUa/MUb how it happens? and why this occur?
NETWORK EXTERNALITIES Till this point we have assumed that people's demands for good are independent of each other. Actually, a person's demand can be affected by the number
1) Describe (with an example) how trading can lead to an increase in world output if countries specialize in the good in which they have a comparative advantage. How does the intr
define and explain the concept of social efficent production
How are the limitations of the economics theory affected? Limitation of Economic Theory: While examining the generality of an economic theory, one must realize any assump
Direction of Trade: It is indicative of the structure and level of economic development. As a country develops and its trade gets diversified, it has to seek new outlets for i
Suppose the price elasticity of demand for extra dark chocolate truffles is -6. Hold other things constant , if price for Extra Dark Chocolate truffles is decrease by 3%, what wil
draw demand curve for a-phone explain how the graph, price ,and quantity demand will change if there is an overall increase in income.
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