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What are the differentiated conditions of economic issue?
While discussing an economic issue, this is very important to differentiate between:
(a) Two types of conditions: essential and sufficient conditions for a statement to be accurate and
(b) Two forms of statements: positive analysis and normative analysis.
This is easy to confuse the difference between essential conditions and sufficient conditions, a problem which results frequently in incorrect conclusions.
How do you draw the demand curve Q = 100 - 50P and indicate which portion of the curve is elastic, which is enelastic, and which is unit elastic?
Factors determine the price elasticity of supply: The price elasticity of supply varies widely across different products. Some products have more leastic supply, while others
1. Isoquants are negatively sloped because if the quantity of factor 1 used in production is decreased then the quantity of the other factor must be increased to produce the s
lung run eqiulibrium
Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales
williamson''s model of managirial discretion
Q. Defien Hyper - Inflation? Hyper-Inflation:It's a situation of extremely rapid inflation (reaching 100% per year or more), frequently resulting from a condition of political
The Value of Title Insurance While Buying a House * A Scenario: - Price of house is $200,000 - 5% chance that seller does not own house * Risk neutral buyer would pa
Uses of price and income elasticity of demand: The concept of price elasticity of demand has some uses whihc include the following: (i) Pricing of goods and services It is
Balance of payments account: The foreign exchange market is an organizational setting within which individuals, business firms, banks etc buy and sell foreign currency. It has
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