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Why concept of Elasticity is important in economics?
Elasticity is very important concept in economics because it affects the decision of individuals as well as of the whole economy. . It can help us in lots of ways. For instance, for a firm the method of elasticity is important because it gives information that either the change in price is profitable or not. It also gives information about the good which is more profitable to make i.e. more inelastic the demand for the product, more profitable to produce that good. For a government, it is useful in the sense that it gives information about the commodity which is to be taxed and which is not to be taxed. It also gives significant implication for the balance of payment problem.
Advocacy of Globalisation: In support of the movement for globalisation, the following arguments are put forth: i) Globalisation promotes foreign direct investment and, thu
The idea for the national accounts came during the 1930s depression in the U.S., when decision-makers wanted to get a better sense of by how much economic production had fallen. Si
What simplifying assumptions does the traditional macroeconomic model make (in addition to those made in the NIPA)? The simplifying assumptions are: 1) The household and i
SUMMARY OF THEORY OF PRODUCTION
Surplus: Anysector or agent in economy (business, householdor government) experiences a surplus when its income surpasses its expenditure. Surplus, Economic: For the economy
Individual demand curves for two perfectly competitive market TC1=10q1+1/2q1^2+100 = firm 1 TC2=10q2+q2^2+100
politicians are often heard saying that tuition at state universities should be kept low to make equation equally accessible to all residents of the state, regardless of income
what will be the effect on price and quantity when supply and demand changes in different directions but same magnitude?
the demand and supply functions for goods are given by demand:Pd=50-3Qds and supply:Ps=14=1.5Qs. where p is the price of a pair of jeans, Q is the number of pairs of jeans a) calc
what is the value in 10 years of 1 million dollars if interes rates are 4%?
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