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Commodities that are viewed as luxuries typically have price elastic demand, and commodities that are requirements have price inelastic demand. There is easily no substitute for a insulin, if you are an insulin dependent diabetic. Because insulin is a need for which there is no substitute, the demand will be price inelastic.
Equilibrium Exchange Rate: The theory of exchange rate determination explains how demand and supply of foreignexchange interact and jointly determine the equilibrium exchange
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Q. Define Regressive Tax? Regressive Tax: A tax in that lower-income individuals or households bear a proportionately greater burden of the tax. Sales taxes aretypically consid
Sources of external economies of scale: Economies of Skilled Labour: This involves upgrading the skills of labour through the provision of education and training faci
All other things equivalent, the higher the proportion of income spent for the commodity more price elastic will be the demand. Most home owners are recognizable with how this de
Problem 1: a. Describe the term ‘inflation' and explain the relationship between money supply and inflation. b. Describe the conditions and processes that are associated wi
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1) Vitamin A Vitamin A has been chosen as the vitamin to be included in the supplement since it has a role in several functions some of which as follows: 1. Helps in proper vision.
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