Study notes ECS1501 Economics IA (ECS1501) at University of South Africa (Unisa)

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PRODUCTION AND COST ANALYSIS IN THE SHORT RUN
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A. Three measures of productivity, or the relationship between inputs and the output, are total product, average product and marginal product This chapter introduces students to short-run production and cost. In the short-run, all production functions incur diminishing returns when variable inputs are used relative to at least one fixed input, reducing the additional amounts of the output being produced. Diminishing returns in production causes a short-run increase in the marginal cost, as ...

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DEMAND ELASTICITIES
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This chapter introduces students to the concept of elasticity of demand. A demand elasticity measures how consumer demand responds to changes in a variable in the demand function. The price elasticity of demand is the key elasticity measure discussed in this chapter. It measures the sensitivity of the consumer’s behavior to changes in the price of the product by dividing the percentage change in the quantity demanded by the percentage change in the price that induced the change in the quanti...

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ECS1501⭐2021⭐ FULL EXAMPACK LATEST PAST PAPERS AND ASSIGNMENTS SOLUTIONS AND QUESTIONS COMPREHENSIVE PACK FOR EXAM AND ASSIGNMENT PREP
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ECS1501⭐2021⭐ FULL EXAMPACK LATEST PAST PAPERS AND ASSIGNMENTS SOLUTIONS AND QUESTIONS COMPREHENSIVE PACK FOR EXAM AND ASSIGNMENT PREP

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ECS1501⭐2021⭐ FULL EXAMPACK LATEST PAST PAPERS AND ASSIGNMENTS SOLUTIONS AND QUESTIONS COMPREHENSIVE PACK FOR EXAM AND ASSIGNMENT PREP
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ECS1501⭐2021⭐ FULL EXAMPACK LATEST PAST PAPERS AND ASSIGNMENTS SOLUTIONS AND QUESTIONS COMPREHENSIVE PACK FOR EXAM AND ASSIGNMENT PREP

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  • uploaded  04-09-2021
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