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unit-2-basic-economic-concepts

Unit-2 Basic Economic Concepts

In this unit we will first spell out the distinction between micro and macroeconomics.

You are fond of tea. Analyze what happens when price of coffee rises; your income goes up and suddenly some guests come to stay with you?




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Learning Pundits Content Team

Written on Apr 25, 2019 12:18:24 PM

The demand curve for tea shifts upward to the right. In other words, at the same price you tend to buy more. This phenomenon is known as increase in demand