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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 demand changes in response to econmic growth or decline. If an economy is growing, consumer demand for normal goods increase while the demand for inferior goods falls.(ii) Income elasticity of demand is also important for businessmen when planning investments. Outputs of inferior goods should not be expanded during times that incomes are rising while those of normal goods could be expanded furing times that incomes are rising.
what is demand
A tax imposed on a market with an inelastic demand and an elastic supply will cause
under which market structure does the banking sector fall?
(a) Describe the different types of inflation in a country. (b) Describe the trade-off between inflation and unemployment, using appropriate diagrams. (c) Mauritius has bee
Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low
need to get assignment on income effect and substuation effect how does increase in price of both comodity will affect the or show the new effect
Lab Exercise 1. Taco Del Mar has completed a study of weekly demand for its tacos in Washington State's regional markets. The study developed the following demand function: Q =
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Transport Infrastructure: The development of transport infrastructure plays an important role in the growth process through increasing mobility of resources and increasing fac
It is clear that monopsony in the labor market is not steady with allocative efficiency and has the effect of withholding significant amounts the employees' MRP from them, that bec
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