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What are the economic assumptions for a perfectly competitive market?

There are four fundamental assumptions which must all be satisfied:
There must be many buyers and sellers in the market and they all have to be price takers. That is to say, none of them are large en...

PW
Answered by Peter W. Economics tutor
1734 Views

Work out 3 and 1/2 divided by 2 and 4/5

Start by converting these mixed numbers into top-heavy fractions: 3 and 1/2 becomes 7/2 (3x2=6; 6+1=7)2 and 4/5 becomes 14/5 (2x5=10; 10+4=14)Then use the 'KFC' formula - 'Keep it, flip it, calculate it':...

SM
Answered by Sarah M. Maths tutor
7915 Views

Explain what is meant by PED (Price elasticity of demand)

Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price chang...

JR
Answered by Joao R. Economics tutor
14083 Views

Simplify the following: ((1/3)(c^2))^3

So you have the following: ((1/3)(c^2))^3 which can be rewritten as:((1/3)(c^2))x((1/3)(c^2))x((1/3)(c^2)) at which point it becomes easier to simplify:= (1/3)x(1/3)x(1/3)xc^(2+2+2)= (1/27)c^6

OB
Answered by Orlando B. Maths tutor
3039 Views

Give the word equation for aerobic respiration and explain the difference between aerobic and anaerobic respiration in animals

Respiration: Glucose + Oxygen --> Water + Carbon Dioxide + EnergyIf there is a lack of oxygen then anaerobic respiration will take place instead of aerobic respiration, which in animal...

OB
Answered by Orlando B. Science tutor
41055 Views

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