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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.
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
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show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .
Lorie teaches singing.Herr fixed cost are $1000 a month,and it costs her $50 of labor to give one class.the table shows the demand schedule for lorie''s singing lessons. Price
Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
derive PCC for complementary goods
what are the weaknes of consumer behaviour
types of cost
Available resources with the desired goals: To match the available resources with the desired goals: The complementary nature of some investment decisions make for planning. T
Consider a hypothetical ABC economy in which the narrowly-defined measure of the money supply (M1), as defined in the Canadian sense, in existence is 1250$ million. Assuming the e
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