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No new substitutes for the commodity
If some new substitutes for a commodity appear in the market, its demand normally declines. This is quite natural, since with the availability of new substitutes some buyers would be attracted towards new products and the demand for the older product will fall albeit price remains unchanged. Therefore, the law of demand operates only when market for a commodity isn't threatened by new substitutes.
Transfer Payments Are any payments made to households by the government that are not made in return for the services of factors of production i.e. there is no Quid pro Quo. S
Number 1 work: Week 4 Discussion - Empirical Demand Function and Forecasting The empirical demand function can be used in conjunction with historical data to predict pricing and
explain critically growth maximisation model of morris ?
What are the essential points to determine in monopoly? Points essential to determine in monopoly: a. The importance of monopoly, where a particular monopolist is the merely
INDIRECT TAXES These are imposed on an individual mostly producers or traders but they can be passed on to be borne by others usually the final consumers. They can also be de
How does economic theory contribute to managerial decisions?
A firm can produce steel with or without a filter on its smokestack. If it produces without a filter, the external costs on the community are $500,000 per year. If it produces with
Individual firm and market supply curves The quantities and prices in the supply schedule can be plotted on a graph. Such a graph is called the firm supply curve. A fir
Nature and Functions of Money The concept of money is very difficult to define . it is belongs to the category of things which are not amenable to any single definition. It is p
Explain trend projection method of demand forecasting with illustration.
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