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Broader the range of other uses of a commodity, higher the price elasticity of its demand intended for the fall in price though less elastic for the increase in price. As price of a versatile commodity falls, people broaden their consumption to its other uses. So, the demand for such a commodity generally rises more than the proportionate fall in its price. For example milk can be consumed as it is, it can be transformed into cheese, curd, buttermilk andghee. Demand for milk will therefore be extremely elastic for fall in their price. Similarly, electricity can be utilised for cooking, lighting, heating as well as for industrial purposes. So demand for electricity is very price elastic for fall in its price. For this reason, nevertheless demand for such goods is inelastic for increase in their price.
The war on drugs is an expensive battle, as a great deal of resources go into catching those who buy or sell illegal drugs on the black market, prosecuting them in court, and housi
Demerits of direct taxes a. Heavy direct taxation, especially when closely linked to current earnings, can act as a serious check to productivity by encouraging absenteeism
what is line balancing for paper machine?
The gap between theory and practise and the role of managerial economics: We have noted above that application of theories to the process of business decision making contributes a
Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
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Suppose that Betsy's utility function is given by the equation U=Y0.3 where Y is calculated in thousands of dollars. Betsy's present job pays her $20,000 (Y=20) per year and she ca
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
Average Total Costs (ATC) This is total cost per unit of output, obtained by dividing total cost by total output i.e. ATC = Total Cost Total Outp
exaplain cournot''s duopoly model with graph?
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