Business Economics, Business Economics

(a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity.
(i) Consumer preferences, that is, whether consumers regard the commodity as a ‘luxury'' or a ‘necessity''.
(ii) The narrowness of definition of the commodity.
(iii) The length of the period under consideration
(iv) The availability of substitutes for the commodity
Posted Date: 9/24/2015 10:53:04 AM | Location : Mauritius







Related Discussions:- Business Economics, Assignment Help, Ask Question on Business Economics, Get Answer, Expert's Help, Business Economics Discussions

Write discussion on Business Economics
Your posts are moderated
Related Questions
What do you mean by the term earned value analyses?  What are additional insights into the dynamics of a project afforded via the use of EVA? Earned value implies, in effect, t

Are international capital flows a problem? Problem: Capital flows can have an adverse outcome onto: a. Balance of payments (BoP): Shortly term capital inflows can be like:

QUESTION Explain the meaning of classical dichotomy, neutrality of money and Walras law. b. "In a Walrasian general equilibrium model with money as a unit of account, only r

What is the Heavily Indebted Poor Country Initiative? The Heavily Indebted Poor Country (HIPC) aims to assist the poorest, most heavily indebted countries prevent by unsustain

Why is debt management difficult in Less Developed Countries? One of the biggest challenges facing Less Developed Countries debt management is making sure $ interest payments c

how many statics numericals in quantitative economics

What is the difference between real and nominal Gross Domestic Product? National Income consists of a price and a quantity element. When the price level doubled along with simi

Define the macroeconomic stability in market for promoting development. Macroeconomic stability implies that: • Tight fiscal policy that is balanced government budgets and d

How did foreign debt arise? Evaluation: Borrowing shows an injection of new resources in the domestic economy and also an opportunity for development. • When borrowed re

different types of firms