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Importance of Income Elasticity
If a country is experiencing economic growth, the income of the people will increase. However, for those engaged in the production of goods with negative income elasticities, this will mean a declining demand for their product. Even products with positive income elasticities, there is a great variability of response.
Income elasticity therefore has a most important effect upon resource allocation. As such, prosperous areas of any economy are often those associated with products which have a high income elasticity. In recession the opposite will be true.
Types of Price Elasticity of demand a) Perfectly inelastic demand Demand is said to be perfectly inelastic if changes in price have no the quantity demanded so
Long-Term Policies One long term option of tackling balance of payments deficit is export promotion . In the long run this is the best method of improving a balance of payme
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the overall idea of market segmentation
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Ask question #MinimumElectron Control, Inc., sells voltage regulators to other manufacturers, who then customize and distribute the products to quality assurance labs for their sen
CAPITAL ACCOUNT This records all transactions arising from capital movements into and out of the country. There are a variety of such capital flows recorded, namely: i.
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