Explain why each of the following factors may influence the, Microeconomics

Assignment Help:

Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commodity as a ‘luxury’ or a ‘necessity’. (ii) The narrowness of definition of the commodity. (iii) The length of the period under consideration (iv) The availability of substitutes for the commodity

Related Discussions:- Explain why each of the following factors may influence the

Supply and demand with graphs, Supply function given by equation QS = 3P - ...

Supply function given by equation QS = 3P - 50. Write an equation proposals if: a) Government introduces subsidies of 5 $ per unit; b) the government introduced subsidies of 15%

State property regime , State Property Regime Normal 0 ...

State Property Regime Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Economics of Information and Uncertainty Problem Set, 1. Consider a world w...

1. Consider a world with two assets: a riskless asset paying a zero interest rate, and a risky asset whose return r can take values +10% or –8% with equal probability. An individua

Welfare, what is Scitovsky Contour ?

what is Scitovsky Contour ?

Difficulties in measuring cost, Difficulties in Measuring Cost 1) Outp...

Difficulties in Measuring Cost 1) Output data may represent an aggregate of different type of products. 2) Cost data may not include opportunity cost. 3) Allocating c

Economic development , Economic Development The word development is f...

Economic Development The word development is from the Latin root ‘Voloper’ which meant wrap up, envelop. The English used this word along with ‘des’ meaning ‘undo’. The word

The world bank, THE WORLD BANK: The World Bank is another of the 'Bret...

THE WORLD BANK: The World Bank is another of the 'Brettonwoods Twin Sisters'. The World Bank, as it obtains presently, is an umbrella organisation, under which five different

Cost theory, What are the economies and diseconomics of scale?

What are the economies and diseconomics of scale?

What are the properties of the profit function, What are the properties of ...

What are the properties of the profit function? Properties of the Profit Function: The properties specified below follow solely by the assumption of profit maximization. No

Price Elasticity, #questAbout four years ago, Kanye West performed at the U...

#questAbout four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for genera

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages