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Q. Show the uses of income elasticity?
A few significant uses of income elasticity are as follows:
First, concept of income elasticity can be used to approximately compute the potential demand only if rate of rise in income and income elasticity of demand for commodities are identified. Information of income elasticity can therefore be useful in predicting demand, when changes in personal incomes are anticipated, other things remaining the same.
Q. Describe the gift exchange model of reciprocity? George Akerlof (1982) develops a gift exchange model of reciprocity in that employers offer wages unrelated to variations in
Monetary policies This is the direction of the economy through the variables of money supply and the price of money. Expanding the supply of money and lowering the rate of in
(Kinky Demand Curve) Short Period Kinked demand curve was first used by Prof. Paul M. Sweezy to elucidate price rigidity under oligopoly. In an oligopoly market, firm knows that
example problems for the types of pricing
'' monopoly is good for consumer welfare" is this crrect
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Q. Describe the Public Utility Monopoly? Public Utility Monopoly: Governmental authorities seize complete management and control of some utilities to protect social interest
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