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RECENT DEVELOPMENT OF DEMAND THEORY:
The basic theory of consumer behaviour discussed in the previous unit can be extended in many directions, and can be applied to cover optimal behaviour for a variety of specific types of utility functions. Some of these extensions and specific applications are discussed here. In the market, prices of all goods are given to the consumers. They can't influence the price by changing their own decisions. Some times prices are also given to the individual firm i.e., in some cases, firms also are not able to charge prices that they want and have to settle with the price prevailing in the market. There ware considerable interest therefore among the economist to explain the price formation in different types of markets. The Demand-Supply analysis is the most important among them. Once the equilibrium is achieved the second most important question came to mind is the question of stability of that equilibrium. There are many approaches to determine the stability property of equilibrium. Among them Cobweb model is simplest and quite elegant in nature.
Define the term Entrepreneurship Entrepreneurship : An entrepreneur is an individual who takes risks and organises the factors of production to make a product and therefore
What currency was used in the 1700s? Ans) this is depends on the country. Most currencies, though, were based on gold and silver. In America, in the 13 colonies, tobacco wa
Question 1 (9 marks) During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following mark
what makes it differ from other market structures
a. Suppose the demand for saline solution is perfectly inelastic for contact lens wearers. If the government imposes a tax on saline solution, what occurs? Be sure to tell what hap
A MANUFACTURING UNIT IS INTERESTED IN DEVELOPING A BENEFIT SEGMENTATION OF THE CAMERA MARKET. SUGGEST SOME MAJOR BENEFIT SEGMENT WITH MARKET TARGETING STRATEGIES?
Curvature of the Iso-quant: An iso-qunat is convex to the origin. This is so because as more and more units labour are employed, the producer would prefer to give up less and
Suppose that nominal interest income is taxed at a rate of 30%. Calculate the before-tax real interest rate and the after-tax real interest rate if the nominal interest rate is 6%
"Take a monopolist with a constant average cost. The higher is the elasticity of demand at the chosen monopoly price, the higher is the monopolist's profit-to-revenue ratio." Expla
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