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Another vital relationship that is often referred to in economic analysis is the relationship between consumption expenditure andprice elasticity. From the law of demand, we know t
Convertible National Currencies Currencies are convertible when holders can freely exchange them for other currencies. There are several advantages in using a particular natio
Point and arc elasticity of demand The elasticity of demand is conventionally measured either at a finite point or between any two finite points, on demand curve. The elasticit
Define the simple statistical concepts of average Simple statistical concepts of average (mean) and standard deviation are used. Estimating a relationship among variables need
Q. Explain the Leibenstein model? Leibenstein (1966) sees a firm's norms or conventions, dependent on its history of management initiatives, labour relations and other factors
Q. Types of Market Structures by the Nature of Competition? Conventionally, the nature of competition is assayed to be the basic criterion for distinguishing different types of
A medical insurance company offers its salespeople the following compensation scheme: each worker takes a fixed salary and, in addition to that, a commission depending on the volu
Average Propensity to save The Average Propensity to Save [APS] is defined as the fraction of aggregate national income which is devoted to savings. Thus if S denotes savin
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
The Mixed Economy There are no economies in the world which are entirely 'market' or planned, all will contain elements of both systems. The degree of mix in any one econom
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