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ECON1008 Principles Of Economics  

Pages : 5 | Type : Essay

Answer: 1. The demand and supply models are the basic microeconomic concepts with the help of which market price and market equilibrium of a product can be determined. For a normal product, demand curve slopes downward to represent an inverse relationship between price and quality demanded (Gerakos and Syverson 2017). On the other side, supply curve for the product slopes upward to represent a positive relationship between price and quantity s...

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userWritten By : Mark     postPosted On : Jan 05, 2021     downloadDownload : 0
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ECON1008 Applied Writing  

Pages : 6 | Type : Essay

Answer: Factors causing change in lavender prices A competitive market is characterized by a market where considerably large number of sellers compete in the marketplace and produce a homogenous product. In such a market, following the presence of a large number of sellers each firm enjoys only a small share in the market. Share of each firm is so small that neither of the firms can influence price or output decision in the market. Equilibriu...

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userWritten By : Mark     postPosted On : Apr 17, 2021     downloadDownload : 0

More Courses from University Of South Australia

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ECON1008 Principles Of Economics  

Pages : 5 | Type : Essay

Answers: 1. This news article talks on the new 10% GST levied on Netflix services which has led to a rise in the price of Netflix plans. There has also been a hike in price of its plans by Netflix, to support the introduction of new content. The combined effect of tax hike due to GST and Netflix’s own price hike is an increase in the price of Netflix services. This rise ranges from $1 to $9.99 per month for the basic plan, while the fou...

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userWritten By : Mark     postPosted On : Oct 18, 2021     downloadDownload : 0

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