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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.
Contribution of Foreign Trade to Economic Development: Foreign trade contributes to economic development in a number of ways. • It provides flow of technology which al
when price falls
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subsitution effect dominate tha income effect in which good case?
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Are there any economic effects to non-Hispanic whites, given that they no longer represent the majority of the population? Why are these examples important from an economic standpo
elasticity concept in policy formulation
Do the laws of economics still work today? use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can shift the
MRP Technique- Sectoral Distribution of Targeted Increase in GDP There are two ways of increasing the GDP: (i) Project and accomplish the growth in various sectors through
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