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How we can measure Elasticity of demand
Though a manager requires an exact measure of this relationship for appropriate business decisions. Elasticity of demand is a measure that comes to the rescue of a manager here. It measures the responsiveness of demand to changes in prices along with changes in income. A manager can conclude almost exactly how the demand for his product will change when he changes his price or when his rivals alter prices of their products. He can also conclude how the demand for his product would change if incomes of his consumers go down orup. Elasticity of demand concept and its measurements are thus very significant tools of managerial decision making.
The use of arc elasticity in economic analysis involves a good deal of chariness since it is capable of being misinterpreted. Arc elasticity coefficients vary between the same two
what is monotonisty
real GDP is increasingly criticized for its alleged failure to adequately measure the standard of living. To what extent do you think this criticism is valid?
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Discuss whether Indian Consumer goods industry is growing at the cost of future Profitability.
Dumping If goods are sold on a foreign market below their cost of production this is referred to as dumping. This may be undertaken either by a foreign monopolist, using high
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Suppose you have estimated the following demand function for the product you sell: Q = 5 - 0.2P At what price will the demand for your product be unitary elastic? (Hint: B
Illustrate the application of economic theory to some business problems
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