per pound‚ then the demand for leeks will rise by 10 pounds. Therefore we can conclude that the demand for leeks is elastic. 2. Marginal revenue is equal to price if the demand curve is horizontal. 3. If there is a price increase for a good that Marilyn consumes‚ her compensating variation is the change in her income that allows her to purchase her new optimal bundle at the original prices. 4. If the demand curve is a linear function of price‚ then the price elasticity of demand is the same at all
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There are differences between microeconomics and macroeconomics‚ although‚ at times‚ it may be hard to separate the functions of the two. Microeconomics and macroeconomics are the two major categories within the field of economics. Microeconomics is the branch of economy‚ especially such topics as markets‚ prices‚ industries‚ demand‚ and supply. Microeconomic concentrates on the difficulties of the markets for services and goods‚ and how the price affects the growth of the markets (Microeconomics
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Meanings and Definition of Demand: The word ’demand’ is so common and familiar with every one of us that it seems superfluous to define it. The need for precise definition arises simply because it is sometimes confused with other words such as desire‚ wish‚ want‚ etc. Demand in economics means a desire to possess a good supported by willingness and ability to pay for it. If your have a desire to buy a certain commodity‚ say a car‚ but you do not have the adequate means to pay for it‚ it will
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The Difference Between Jointly Liable & Joint & Several Liability by Ellis Roanhorse‚ Demand Media Joint and several liability is allowed in many states. This type of liability may apply to business partners who form a general partnership‚ or to two or more individuals when someone is injured due to negligence. Joint and several liability is different than when two or more individuals are jointly liable for an obligation. Joint and several liability gives an injured party a better chance of recovering
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Painting and architecture are so intimately combined that it is sometimes difficult to perceive where one begins and the other ends. There are literally no frames to confine or define the painting form the architecture Architectural painting (also Architecture painting) is a form of genre painting where the predominant focus lies on architecture‚ both outdoors views and interiors. While architecture was present in many of the earliest paintings and illuminations‚ it was mainly used as background
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Difference Between Rules and Laws • Categorized under Grammar‚Language | Difference Between Rules and Laws Rules vs Laws The main difference between rules and laws is the consequences associated with breaking them. While each is developed to invoke a sense of order‚ fair play‚ and safety‚ the weight of a law is much heavier than the weight of a rule. Laws are like the legal version of rules. When you are a child‚ a parent sets rules to be followed. When you are in a society‚ the government sets
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The law of demand states that‚ all other things being equal‚ the quantity of a good or service is a function of price. In general‚ that means less is bought at higher prices‚ and more is purchased at lower prices. This definition makes sense -- you only have so much money to spend‚ and if the price of something goes up‚ you can afford less of it. The demand schedule tells you exactly how much of the good or service is bought at any given price. This relationship is portrayed by the demand curve‚ where
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deployment of troops or observers. Article 46 Chapter VII allows for plans for the application of armed force with the assistance of the Military Staff Committee (which must be established by the Council). o Peacemaking and peacebuilding: The difference between peacekeeping and peacebuilding lies in their mandates‚ powers and institutional frameworks. While peacemaking generally includes measures to address conflicts in progress and usually involves diplomatic action to bring hostile parties to a negotiated
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In this paper‚ we examine Happy Pet Clinic‚ a local veterinary clinic‚ and how the principles of elasticity of demand might frame its pricing decisions and planning. As a small practice‚ every change the managers make can have a significant impact on the clinic ’s income. Price Elasticity of Demand‚ Cross Price Elasticity of Demand‚ and Income Elasticity of Demand concepts can be used to analyze and estimate how prices changes may affect the clinic ’s bottom line Professional Vet Brand pet food
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Over time‚ most took for granted that their prosperity‚ even their way of life‚ was inseparable from African slavery” (NPS). The regional divisions caused by the difference in economies were furthered deepened by the Missouri Compromise. The Missouri Compromise admitted Missouri as a slave state and Maine as a free state in order to keep the balance of power of the Senate. It also established a line so that any state
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