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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.
Hi, My Econ prof gives out a sample exam two days before we take the real exam. If I were to submit the sample exam to you, how long would it take to get the answers back?
The Money Multiplier is explained below: If you see carefully, the money multiplier is nothing but an inverse of a reserve ratio. Therefore, we can write MM = 1/rr, where rr is
Perfect competition has the following characteristics: 1. Large number of firms - There are a large number of firms in the market. Due to this each firm produces a very small fr
determination of rent
Sally recently finished her full-time training and received certification as a nurse’s aid at the end of August. She sent out applications to prospective employers during the last
Outline four limitation of game theory?
what do you understand by linear break-even point? in what way is it useful in managerial economics? what are the assumptions underlying the analysis?
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Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
The goal is to replicate a real life product development and familiarize students with the invent process of a system, component, or process to meet desired wants within realistic
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