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Determine the concept of Law of demandWe have considered numerous factors which fashion the demand for a commodity. As explained the first and most important factor which determines the demand of a commodity is its price. If allother factors (noted above) remain constant, it can be said that as price of a commodity increases, its demand decreases and as price of a commodity decreases its demand increases. This is a universal behaviour observed in a market. This gives us the law of demand: "The demand for a commodity increases with a fall in its price and decreases with a rise in its price, other things remaining the same". The law of demand therefore merely states that price and demand of a commodity are inversely related, provided all other things remain unchanged or as economists put it ceteris paribus.
Point elasticity The point elasticity of demand is described as the proportionate change in quantity demanded in response to a very small proportionate change in price. The con
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Antitrust authorities at the Federal Trade Commission are reviewing your company's recent merger with a rival firm. The FTC is concerned that the merger of two rival firms in the s
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(a) Define and explain, using diagrams, consumers' surplus; producers' surplus and total surplus that a society can derive from production and consumption of a good at a particu
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
demand function is q=4850 - 5p(1) + 1.5p(2) + 0.1 Y WHEN Y=10000 p(1)=200 p(2)= 100 find income elasticity of demand for p(1)
WHAT ARE THE FORMS OF COST FUNCTIONS?
Theory of consumer behaviour The role of customers in an economy is of significant importance because consumers spend most of their incomes on services and goods produced by fi
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