Production & Cost Analysis, Managerial Economics

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Illustrate about Demand theory Demand theory is one of the core theories of consumer behaviour andmicroeconomics. It attempts at answering questions regarding the magnitude of

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Income elasticity of demand, demand function is q=4850 - 5p(1) + 1.5p(2) + ...

demand function is q=4850 - 5p(1) + 1.5p(2) + 0.1 Y WHEN Y=10000 p(1)=200 p(2)= 100 find income elasticity of demand for p(1)

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