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Macroeconomics Assignment On Supply And Market Dynamics

s If the demands are elastic, should firms increase or reduce the price of the goods? Why? What happen if the demands are in-elastic? What are the key factors determining if the supply is elastic or in-elastic? Explain each of them with examples. What is the opportunity cost? Should individuals and nations specialize in producing goods or service for which they have comparative advantage or absolute advantage? Why? Does law of diminishing returns hold at low production? Why? Why the returns will diminish eventually?

Subject Name: Economics

Level: Undergraduate

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