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Durability of the Commodity:With some commodities, we require one at a time and they are used for a very long time before they get spoilt. Examples of such goods are cars, televisions, furnitures, building, clothes etc. They tend to hve low elasticity of demand (inelastic demand) because when the price of a durable commodity changes, consumers will continue to use what the have.Even when the price of such a commodity falls, it is new consumers who will mostly buy them.
Luxuries and NecessitiesLuxuries are things we can always do away with hence they tend to have elastic demand. Necessities are difficult to dispense with and they tend to have inelastic demand.
Economics and Ethics : Morality and ethics are powerful motivations to behavior. Thouh, economists suppose that rationality is a function of demonstrable self-interest. That mean
Society of International Financial Telecommunications: The foreign exchange market operates worldwide, that is, the reach of the foreign exchange market is global. The foreign
Stock of durable goods on hand: If the economy has enjoyed an extended period of prosperity, consumers may find themselves well supplied with various durable goods, e.g. cars,
Carbon Tax: An environmental tax that is imposed on products that utilize carbon-based materials and thus contribute to greenhouse gas pollution (comprisinggas, oil, coal and other
the definition of exceptional supply curve
A market is nothing more or less than the locus of exchange, it is not of necessity a place, but easily buyers and sellers coming together for transactions. Transactions happen
using demand and supply curves explain how shortage and surplus are created
THEORY OF PRODUCTION: Production activities related to goods and services require inputs. Typically, the set of inputs includes labour, capital equipments and raw materials. T
A city government regulates taxi fares. It also limits the number of taxicabs (by licensing), and has not changed the limit on cabs for lot of years. At one time vacant taxis wer
Explain why both the PES and PED tend to be inelastic in the short run for primary goods. PED deals with (primarily) the ability and propensity of consumers to switch to other
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