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Q. Time Factor for Determinants of Demand?
Price-elasticity of demand depends moreover on the time that consumers take to adjust to a new price: longer the time taken, greater is the elasticity. As every year passes, customers are capable of altering their spending pattern to price changes. For example, if price of bikes falls, demand might not rise instantaneously except people obtain surplus buying capacity. In the end however people can alter their spending pattern so that they may purchase a car at a (new) lower price.
Concept of Central bank M.H. De Kock concept of central bank is superior to that of others as it is more inclusive. His long definition of central bank includes many of the imp
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What limitations are inherent in the economist’s view of pricing?
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
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