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Change in the population of consumers:Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low populations. For example, Nigeria may demand more of certain goods and services than Ghana because Nigeria’s population is higher than that of Ghana. And even as the population of a country increases the demand for goods and services may also change.Changes in market strategiesMarketing strategies such as advertising, publicity and sales promotions (e.g. raffles are means used to get consumers to increase their purchases of a commodity. They are intended to inform and persuade existing consumers as well as new ones to buy more of the commodity. Effective marketing strategy will lead to an increase in demand for the commodity, all other things being equal.
Determine the Business Cycle and Classical Economists Business Cycle: The business cycle is the fluctuations in the rate of economic growth that take place in the economy. Th
Should the manufacture, supply and use of tobacco be criminalised? Provide arguments for and/or against (relates to defining crime; concepts of deviance etc) Examine t
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Assume that John has the following preference relation over two goods, bread and bear (x1, x2). He strictly prefers any bundle x over y whenever x haves more bear than y, whatever
Why do some people believe that a mixed economic system solves basic economic problems? Ans) It is due to the private sector and public sector both have a say in answering the
CleanAuto Inc. has four workers: Julie, Ian, Devon, and Thomas. CleanAuto Inc. provides two services: interior vacuuming and exterior wash. Julie can perform each of these tasks in
there are 1 million hours of labor available for making cars in the north, and another 1 million hours of labor available for making cars in the south. in a no-trade world, let''s
HOW TO REDUCE SMOKING USING INDIFFERENCE S AND BUDGETLINE
Consider a consumer with the following Cobb-Douglass utility function: U (x, y) = x α y 1-α a) Find the Marshallian Demand for both goods. b) Find the Price Elasticit
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