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Change in consumer income:A change in consumer income may bring about a change in the quantity demanded of a good or service. However, the direction of change in quantity demanded will depend on the type of commodity in question. For a normal good, the quantity demanded might increase when consumer income increases and quantity demanded might fall when consumer income falls, ceteris paribus. Therefore, inferior goods are those goods that we consume more when we are worse of financially and less when we are better of. For instance who would want to buy “second hand” goods when he becomes richer? For a necessity, a change in consumer income may not affect quantity demanded.
PRICE ADJUSTMENTS UNDER FIXED EXCHANGE RATE: In a flexible exchange rate regime trade deficits (surpluses) are automatically corrected by a depreciation (appreciation) of a co
Q. Explain Capital Adequacy? Capital Adequacy: Capital adequacy rules are loose regulations which are imposed on private banks, in hope of ensuring that they have adequate inte
how do cooperative and noncooperative games differ
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how does the charging the monoply a specific tax per unit affect the monopoly optmum and 5the welfare of consumer
The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
what is demand
Market failures (even when they do not have international external effects) i) Self-fulfilling bank runs, government debt runs, currency crises. ii) Liquidation costs of li
Graphical Representation of Various Returns: Diminishing Returns: If the TP curve is as shown in the adjacent Figure, then the MPL given by tanθ is throughout less than the A
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