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What is opportunity cost?
Answer: Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that could be received from that opportunity), or the most valuable foregone alternative. For instance, if a city decides to build a hospital on vacant land that it owns, the opportunity cost is some other thing that may have been done with the land and construction funds instead.
explain the fundamental task of economic system usin tomatoes as an example
Price Elasticity of Demand is explained below: Price elasticity of demand/require is the percentage change in the quantity demanded with respect to the percentage change in the
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Q. What do you mean by Benefits? The benefit of a project, policy or programme is the positive, expected aspect of an outcome, including the improvement in environmental qualit
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Why might an oligopoly be reluctant to change its price? When some large firms have high total market share and are non-collusive, there is a strong element of interdependency.
What are the advantages and disadvantages of monopsony?
u=2x^2+3y^2 hence income=310 birr and price=3 birr calculate quntity of x and y the optimize&minmize utilityfor the given income
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