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What are the determinants of income elasticity of demand?
There are three determinants of income elasticity of demand. These are: Degree of necessity of a good: In a developed economy, as income enhances the demand for luxuries enhances a lot while the demand for necessity enhances a little bit because people cannot consume a lot of basic goods. So the items such as cars have very high income elasticity of demand while items such as potato have low elasticity of demand. Also inferior good have a negative income elasticity of demand.
Purchasing power parity: When PPP holds, the domestic currency has the same purchasing power at home and in any other country. PPP also implies that a foreign currency will de
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Absolute advantage is the simplest yardstick of economic performance and it may be simply describe as If one person or a firm or a country may produce more of something with the sa
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graphical illustration describing the influence of an increase in immigrants on the market supply of labour
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a. Using the data in the tables below, graph on the grid the demand and supply curves for milk, assuming that all factors other than the price of milk are held constant. Connect a
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