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Price: The price factor is another important variable to be included in demand analysis. Here one has to consider the prices of the product and also its substitute and complements one may also consider the price differences between the product concerned and its substitutes and compliments.
Price as a determinant of the volume of sales of consumer non durable is sometimes more important through cross elasticity ( involving substitute products) than it is directly in terms of price elasticity. Direct price elasticity can expected to be more important with respect to those consumer non durables which are capable of storage and are freeform risks of changes in styles.
How to start Economics Introduction assignment?
The compact disk player has literally revolutionized the recording industry with its state-of-the-artclarity, sound, durability, and the fact that it costs less than cassette tape
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Planned Order Releases - MRP System In an MRP system, if gross requirements exceed the quantity on hand and on order, a net requirement results. Planned orders are created to
What are the income and cross elasticities of demand? Why might they be useful? Explain.
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not that long ago we experienced the excitement of thinking we would have cheaper online books and free music. these visions that we had of a free market utopia that blinded us to
#quesSuppose that two anti-marijuana proposals are currently being debated in Congress. Proposal I will reduce the supply of marijuana and cause its price to rise by 7%. Proposal I
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