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the production possibilities frontier ppfthe ppf curve exhibits the probable combinations of goods and services accessible to an economy
factors of productionfactors of production are the resources that are utilized to manufacture goods and services1. natural resourcesthe things
economics different perspective? economics is the knowledge of the choices taken by people who are faced with scarcity.? scarcity is a condition in
what is a market?marketsa geographically stated area where buyers and sellers interact or communicate to decide the price of a product or a
positive versus normative economicspositive economicspositive economics considers with the predictions or observations of the particulars of economic
theories and models?? microeconomic analysis ndash theories are taken in use to describe the observed
themes of microeconomics?? as per mick jagger amp the rolling stones ldquoyou canrsquot always get what you wantrdquo.why not?
economics- definitioneconomics is the study of how societies utilize limited resources to make valuable commodities and allocate them among
with reference to incidence taxationexplain with the help diagramswho bears the incidence of taxation when the demand for a commodity is perfectly
review the following information pertaining to the potato chip industry and answer the questions below in a five to six double spaced page paper not
explain the traditional theory of cost with suitable diagrams.explain why lac curve is not u
the money multiplier is explained belowif you see carefully the money multiplier is nothing but an inverse of a reserve ratio. therefore we can write
the money creation process is explained belowwe can now study the money supply or the creation process. suppose the government wishes to buy pencils
they take deposits which mean borrow money and make loans which means lend money. the interest rate they pay on the deposits is less than the
the concept of moneymoney or paper currency serves three functions in any case it is the medium of exchange a store of value and the unit of account.
determinants of the income elasticity of the demandthe determinants of income elasticity of demand are given below the degree of necessity of the
the effects of advertising on the demand curveadvertising targets tobull change the slope of the demand curve which means make it more inelastic.
determinants of the price elasticity of demand are explained below1. number of close substitutes present within the market - the more and closer
elastic and inelastic demand can be understood as followsslope and elasticity of demand have an inverse relationship between them. when slope is high
arc elasticity is defined belowarc elasticity measurescalculates the average elasticity between two points on the demand curve. the formula is simply
point elasticitypoint elasticity is brought in use when the change in price is quite small which means. the two points between which elasticity is
cross-price elasticity of demand is explained belowcross price elasticity of the demand is the percentage change in the quantity demanded of a
income elasticity of demand is described belowincome elasticity of demand is the percentage change in the quantity demandedrequired with respect to
price elasticity of demand is explained belowprice elasticity of demandrequire is the percentage change in the quantity demanded with respect to
elasticity is a term broadly used in economics to signify the ldquoresponsiveness of one variable to changes in to another.rdquotypes of elasticity