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Elasticity of demand, or more formally Price Elasticity of Demand (PED) is a measure of the extent to which the amount of a good demanded by consumers varies with response to a change in its price. It ...
We are using elasticity to find quantity, instead of the other way around. We will plug in what we know, and solve from there. Elasticity = And, in the case of John, %Change in Qua...
“Marginal” in economics means “additional” and “extra”. It is the idea that firms may take decisions by considering the effect of small changes from the existing situation. Economists rely heavily on t...
Factors affecting the short run aggregate supply includes factor costs, temporary supply shocks, government policies with short-term effects and expectation of price level.
A fixed exchange rate is one in which the currency is pegged, and the government intervenes to ensure that this value is maintained if it is threatened.Governments or central banks can do this by buying o...
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