Proportion of income spent for the commodity , Microeconomics

Assignment Help:

All other things equivalent, the higher the proportion of income spent for the commodity more price elastic will be the demand.   Most home owners are recognizable with how this determinant works.  The demand for single family dwellings is likely to be more elastic than the demand for apartments, because a higher proportion of your income will be spent on housing when you own your home.

 


Related Discussions:- Proportion of income spent for the commodity

Break even point, explain the various marginal uses and limitations of brea...

explain the various marginal uses and limitations of break even poin?

Opportunity cost, define opportunity cost and how it is useful in manageria...

define opportunity cost and how it is useful in managerial decision making?

Markets, under which market structure does the banking sector fall?

under which market structure does the banking sector fall?

Equilibruim, I want to know all about equilibruim consumer equilibruim firm...

I want to know all about equilibruim consumer equilibruim firms equilibruim nd market equilibruim technically also??

Find the expression for the gradients of the ac functions, The following ar...

The following are AC and TC functions for various firms (i). AC = 140/Q + 20 (ii) AC - a/Q = k (iii) TC - 10 =2Q + 0.1Q 2 (iv) TC - k - βQ = cQ 2 Where a, k, β and

Water resources , Normal 0 false false false EN-IN X-...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Illustrate marginal utility of the variable commodity , As a consumer incre...

As a consumer increases the consumption of any one commodity, marginal utility of the variable commodity must eventually decline."Illustrate the statement. Illustrate law of dem

Consumer behaviour, Maurice has the following utility function: U (X; Y ) =...

Maurice has the following utility function: U (X; Y ) = 20X + 80Y ?? X2 ?? 2Y 2 where X is his consumption of CDs, with a price of $1, and Y is his consumption of movie videos, wit

Elasticity, How much would the price of Good Z (Pz) have to change in order...

How much would the price of Good Z (Pz) have to change in order to increase the consumption of Good C by twenty five percent (25%)?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd