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Time is a significant determinant of price elasticity. If a price changes, it might take consumers a certain amount of time to discover alternative lifestyles or commodities to account for the price change. For example, if the price of cars enhances, a family that planned to buy a car may wait for their income or wealth to enhances to make buying a new car viable alternative to continuing to drive an older vehicle. In other words, the longer the time frame for the decision to buy the more price elastic the demand for the commodity.
Survey Methods: The most direct method of forecasting demand in the short run is survey method. Surveys are conducted to collect information about future purchase plans of the
what do you understand by linear break-even point? in what way is it useful in managerial economics? what are the assumptions underlying the analysis?
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scope of microeconomics
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