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Use of Income elasticity of demand:
Income elasticity of demand on the other hand, has the following uses(i) Income elasticity of demand shows how the pattern of consumer demand changes in response to econmic growth or decline. If an economy is growing, consumer demand for normal goods increase while the demand for inferior goods falls.(ii) Income elasticity of demand is also important for businessmen when planning investments. Outputs of inferior goods should not be expanded during times that incomes are rising while those of normal goods could be expanded furing times that incomes are rising.
Types of production function
REAL BUSINESS CYCLE THEORY: The parable that motivates this discussion originated with Edmund Phelps and invites you to think that all men (and women) are islands. They have p
Suppose that in an economy 100 worker-hours produce 160 units of output in year 1. In years 2 and 3 worker hours are 120 and 130 and units of output are 216 and 260, respectively.
what is production possibility curve?
marginal conditions of pareto efficeincy
I don''t really understand how scitovsky contour is formed.
A firm has two plants. One plant produces according to a cost function cl (91) = Yf. The other plant produces according to a cost function c2(y2) = Yg. The factor prices are fixed
The definition of a price maker is a "firm with some power to set the price because the demand curve for its output slopes downward", which in effect, means those firms with a down
Negative profit FC + VC > R(q) MR > MC Indicates higher profit at the higher output - Question: Why is profit negative when the output is zero? - Outp
CONSIDER THE DEMAND CUVE Q=100-50P DRAW THE DEMAND CURVE AND INDICATE WHICH PORTION OF THE CURVE IS ELASTIC ,WHICH PORTION IS INELASTIC AND WHICH PORTION IS UNIT ELASTIC
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