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Closesubstitute goods:The number of closesubstitute goodsThe more substitutes of good has and the more close the substitutes are, the more elastic the demand for the good. For example, the beverage, bornvita, has a number of close sustitutes such as milo, chocolim, ovaltine etc. Therefore, the demand for bornvita is likely to be more leastic because the slightest increase in the price of bornvita, consumers of the product will switch to the consumption of one of the substitutes.On the other hand, if the goods does not have any close sustitute, the demand tends to be less elastic or inelastic. For example, there is hardly a substitute to food as a whole hence the demand for food as a whole is inlestic.
Basics of Theory of demand: The most famous approach in the history of consumer behaviour, after indifference curve approach, is the revealed preference approach. In the revea
Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.
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the basics in micro economics
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explain how macro and micro issues may be represented using production possibility curve
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