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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.
Illustrate and explain the changing demand for big mac using the indifference curve and budget line.
What is the theory of second best? Prove the theorem with the help of a diagram
a machine cost 18871.00 today. at the end of each year I own the machine & it gives me returns of 4,948.00 after paying repairs and maintenance. After 6 years, I expect to sell it
Consider a hypothetical nation, Solowland, which were in the steady state. We consider a constant return to scale production function based on two production factors, labor and cap
related documents, photos,paper for permission from court etc.
Periodically, Merrill Lynch surveys its customers to determine customer satisfaction levels. They want to determine the impact of experience on the satisfaction ratings of their co
• If Mary uses all her resources to produce hats, she can produce 48 hats an hour. • If she uses all her resources to produce apple pies, she can make 24 apple pies an hour. how
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
Economies of Scope in the Trucking Industry * Questions: - Economies of Scope - Are large-scale, direct hauls cheaper and more profitable than individual hauls by small t
discus how opportunity cost influence supplier''s decision to supply labour
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