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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.
Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de
What is the theory of second best
Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales
What is contraction of supply?
Explain the term Fordism Between approximately 1890 and 1930-or perhaps 1890 and 1950-a host of innovative technologies and business practices were adopted in the US. Europeans
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
3. Which of the following would not be an expansionary fiscal policy? a.Increased welfare payments to the poor b.Decreases in federal taxes on corporations c.A balanced budget d.I
Potentials of Productivity Growth: It needs to be noted that growth in productivity witnessed in the past are an average rate at the All-India level. There are considerable re
marries model
Suppose that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is officially set at $16.10 per hu
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