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Income Elasticity
The functional relationship among the changes in the quantity demanded for a good or service and the change in income of those persons demanding the good or service. If the demand for good raise as a person's income rises then the good is said to be "normal." If the demand for good decreases as a person's income rises then the good is said to be "inferior."
in the context of an environment of business,state briefly the implication of (1) Ee>1.....(2)Ee=1......(3)Ee=0.......(4)Ee
Two competing firms are each planning to introduce a new product. Firm 1 will decide whether to produce product A, product B or product C, while firm 2 can choose between products
The gap between theory and practise and the role of managerial economics: We have noted above that application of theories to the process of business decision making contributes a
determinants of price expectation of elasticity
Country A has a fixed exchange rate with country B. Due to a recession in country B, demand for A's goods falls. Draw what would happen on the graph below. On the graphs, draw what
Q 3. What is Demand Forecasting? Explain in brief various methods of forecasting demand.
Using the National Output for Calculating National Income A final method which is more direct is the "output method" or the value added approach . This involves adding up
Danger of over-specialising A country may feel that in its long-term interests it should not be too specialized. A country may not wish to abandon production of certain
Q. Explain the Shut down point? ShutdownPoint: With MR = MC, firm attains equilibrium at point E where it produces OM amount of the output. To produce this output, firm incur
No demand forecasting method is 100% accurate. Collective forecasts develop precision and reduce the probability of huge mistakes. Methods which relay on Qualitative Assessmen
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