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Price: The price factor is another important variable to be included in demand analysis. Here one has to consider the prices of the product and also its substitute and complements one may also consider the price differences between the product concerned and its substitutes and compliments.
Price as a determinant of the volume of sales of consumer non durable is sometimes more important through cross elasticity ( involving substitute products) than it is directly in terms of price elasticity. Direct price elasticity can expected to be more important with respect to those consumer non durables which are capable of storage and are freeform risks of changes in styles.
(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3. (ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of
Implicit in these analyses is the fact that without government we could have neither shortage nor surplus. In large calculates, the suspicion of government is due to it has the po
Deviation in graph
Economic instruments Financial rewards, incentives and penalties that operate automatically via market forces, to encourage beneficial behavior.
concept of supply
Determinants of quantity supplied of a good The quantity of supplied of a product is influenced by factors such as the market price of the commodity, prices of inputs, techno
if tc is 200 what will be marginal cost?
What are the basic economic institutions? There are two fundamental economic institutions which have been so far used into the real world are as: a. Market economic institut
Establish relationship between production and cost for a firm operation in perfect competition market in case of i phone
The Nature of Policy-Making : It follows that recommending policy must itself be a subjective exercise. The effects of particular-policies at a particular historical juncture
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