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Define Disposable Incomeand dumping
Disposable Income : The amount of income left after as deductions as income tax, pension contributions and national insurance. More generally called as 'take home pay'.
Dumping : The sale of goods in a foreign country at a price below that charged in the home market. This will often be completed at below cost price to dispose of surpluses of goods, or to establish markets.
Point elasticity: It refers to measurement of elasticity on a point On a demand curve. Point elasticity helps in measuring elasticity where change in price and quantity is infinite
WHAT ARE THE PRACTICAL IMPORTANCE OF INCOME ELASTICITY OF DEMAND?
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The economic model forecasting involves estimating several simultaneous equations which are generally behavioural equation mathematical identities and market clearing equations. T
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