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Q. What is the Nature of Commodity ?
The nature of a commodity as well has an effect on the price elasticity of its demand. Commodities can be characterised ascomforts, luxuries and necessities, on the basis of their nature. Demand for luxury goods (for example luxury cars, decorative items etc.) are more elastic than demand for other kinds of goods as consumption of luxury goods can be set aside or delayed when their prices increase. In contrast, consumption of necessary goods, (for example clothes, sugar, vegetables etc.) can't be delayed and for this reason their demand is inelastic. Demand for comforts is generally more elastic than necessities and less elastic than the demand for luxuries. Commodities can also be categorised as durable goods and perishable or non-durable goods. Demand for durable goods is more elastic than non-durable goods, as when prices of the former rises, people either get old one fixed in place of substituting it or buy 'second hand' goods.
Real Rigidities The New Keynesian economists rely both on nominal and real rigidities to arrive at their conclusion that nominal changes in money supply have real, and not
PROBLEMS OF USING PER CAPITA INCOME TO COMPARE STANDARD OF LIVING OVER TIME 1) The composition of output may change. e.g. more defence-related goods may be produced and
Consider the following table. It shows the market shares of seven clothing stores (A to G) in five dissimilar cities. a) Calculate the Herfindahl index (?H) for each city.
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what are the four factors that lead to diseconomies of scale.
with the of evidence comprehensively discuss the market structure in the south African mobile telecommunications industry
Technically Efficient Method of Production Let's suppose that commodity X is produced by two methods by employing capital and labour: Factor inputs Met
Define scarcity and opportunity cost. Show how these concepts are useful in managerial decision making
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Q. Product of marginal revenue? MRPL is the product of marginal revenue and marginal product of labour or MRPL = MR x MPL. • Derivation: MR = ?TR/?Q MPL = ?Q/?L
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