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The demand schedule can be expressed as a table of price and quantity data, a series of equations, or in a downward sloping graph. To this point, our discussion has focused on individuals and their behavior. suppose that at least a significant majority of consumers are rational, it is a simple matter to obtain a market demand curve. One requires only to sum all of the quantities demanded by individuals at every price to obtain the market demand curve.
ELASTICITIES OF SUPPLY AND DEMAND Usually, elasticity is a measure of the sensitivity of one variable to the other. It told us the percentage change in one variable in re
what is law of variable proportions?
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if tc is 200 what will be marginal cost?
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