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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.
how realistic is the sales maximization model from experience with business objectives as pursued by Zimbabwean firms
Structural Unemployment The decline of the highly localized industry due to international trade causes great problems of regional (structural) unemployment. If it would take
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price floor of $20 is set, what will be the size of the resulting surplus?
Limits on the process of bank deposit creation On the demand side , there may be a lack of demand for loans, or at least of borrowers who are sufficiently credit worthy .
Give some examples for marginal and incremental principle
Disadvantages of the Planned System The centrally planned economies suffer from the following limitations: Lack of choice: Consumers have little influence over what is p
CLASSIFICATION OF TAXES Taxes can be classified on the basis of: a. Impact of the taxes It means on whom the tax is imposed. On the other hand, incidence of the
Determine Optimal Price, Quantity and Economic Profit A firm has a demand function P = 200 – 5Q and cost function: AC=MC=10 and a potential entrant has a cost function: AC=MC=20
Let consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1,
Explain cost output relationship with reference to: a. Total fixed cost and output b. Total variable cost and output
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