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Q. What is Gross Domestic Product Per Capita?
Gross Domestic Product, Per Capita: Level of GDP divided by the population of a region or country. Changes in real GDP per capita over time are often interpreted as a measure of changes in the average standard of living of a country though this is misleading (since it doesn't account for differences in the distribution of income across factors of production and individuals, and it doesnot consider the value of unpaid labour).
The demand curve for gasoline is P = 200 - 10Q. a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price change
explain consumer equilibrium diagrammatically as well mathematically by using necessary and sufficient conditions
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