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The availability of credit and hire purchase facility tends to push up the demand for consumer durables. In India for consumer durables lie Refrigerators television scooters etc, hire purchase facility is available. In western countries the extension of credit is used as sales promotion measure. Among the manufactures the Indian sewing machines company manufacturers of singer claim to have pioneered hire purchase in India ( Business India). Hawkins pressure cookers are also available on hire purchase basis. The intensified competition between car and two wheeler manufacturers has lead to many firms extending credit for their purchases.
Assume that a shoe salesman learned the price elasticity of demand for her products is -1.5. How many percent will increase in total sales (revenue) if she cuts the price by 10%?
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prove that the utility approach and the indifference curve approach yield the same consumer equilibrium
What are the advantages of using mathematics in Modern Economics? Many of the advantages of using mathematics are as follows: a. The “language” used and the explanations of
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Explain the factors which would affect the price of a good. As there is a very long list of determinants, the basic issue is for the student to describe and illustrate how shif
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Define the Production Possibilities Curve
show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .
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