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Properties of Indifference Curves
U = f (x,y)
Where: u is a predetermined level of utility.
x and y are two commodities to be consumed in combination to guide u.
The slope of the indifference curve gives the rate at which a consumer is willing to exchange one unit of a product for units of another. This is called the marginal rate of substitution.
what is international pricing method?
Income elasticity of demand The income elasticity of demand measures the degree of responsiveness of the quantity demanded of a product to changes in income. Its co-efficient
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 s
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Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
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
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