Already have an account? Get multiple benefits of using own account!
Login in your account..!
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Uses and Habit Forming Commodity -price elasticity of demand:
The number of possible uses:A commodity has high price elasticity of demand (or elastic demand) if it can be put into so many users. With such a commodity, if the price changes, the responses of quantity demanded to the price change becomes significant when changes in quantity demanded for each use are put together. For instance, a commodity such as sugar is used for direct comsumption, baking bread and cake, making jam etc. Thus,the demand for sugar may be fairly elastic.Habit Forming Commodity
Some commodities are habit corming while others are not.For habit forming commodities, they tend to have less elastic or inelastic demand because once the habit is formed it is abit difficult to break away from it when the price of the commodity increases even significantly. For instance, once the habit of smoking cigarettes is formed, it is difficult to break away when the price of cigarettes rise. Non-habit forming commodities tend to have more demand.
Explain why goods provided by natural monopolies are often publicly owned. It would seem that most normal monopolies come with high MSB and also that society has deemed these g
Balance of Payments and Developing Economies: It is well-known in development economics that UDCs invariably start as debtor economies. In the process of development itself, t
will post picture
Distinguish among the terms of trade and the balance of trade for a country. Definition of terms of trade a) The amount of a given amount of export goods essential to buy
managerial problems related to microeconomics
Ask quesThe market demand for brand X has been estimated as Qx = 1,500 - 3Px - 0.05I - 2.5Py + 7.5Pz where Px is the price of brand X, I is per-capita income, Py is the price of
What is pigovian welfare economics
indifference curve and budget line
income generation in a static and dynamic setting
Question 1: (a) Using examples, explain how the theory of Purchasing Power Parity conforms to the Law of One Price. (b) According to you, how best does the Theory of Purchasing
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