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In simple terms, if a commodity has unitary elastic demand, then no matter if the price increases or decreases, the total expenditure made on it remains unchanged. In the above example, the price elasticity of demand is equal to one because the total expenditure remains the same no matter if the price falls or rises.
The devaluation of a country’s currency will lead to an improvement in its balance of trade with the rest of the world only if
The concept of vicious circle of poverty is associated with
Which of the following statements about graphs of short-run cost curves is false?
For the 2 variables x and y with the same mean, the regression equation are y = 5x+b and x=7y +c. Calculate b/c
If the money supply grows 5 per cent, and real output grows 2 per cent, prices should rise by
Whenrxy>0,thenbyxandbxyareboth:
...
then the number of pure strategy Nash Eq...
In the context of lexicographic utility functions, which of the following scenarios is impossible?
Economists generally believe that making assumptions is
Consider sample of 8 observation and regress Y on X and find the standard error of regression
