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What factors find out the price elasticity of demand?
Factors which determine the price elasticity of demand are:
a. Whether close substitutes are accessible
b. Whether the Good Is a essential or a Luxury
c. Time and space
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Compare Money with wealth and income Money isn't the same as wealth. An individual may be very wealthy however have no money (for instance by owning stocks and real estate). An
Identify and explain the evidence for and against the competitive model. Provide specific examples.
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The following table have data for a hypothetical open economy. The amount of investment spending is unknown. Question: What is the level of private savings? Question: Wh
1. Suppose that the supply curve for school-teachers is LS = 20,000 + 350W, and the demand curve for schoolteachers is LD = 100,000 - 150W, where L = the number of teachers and W =
how to solve problem of scarcity and choice
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