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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.
How might one measure differences in living standards between less developed and developed countries? This is a very wide question where any clear and relevant calculate shoul
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what are criteria and conditions for pareto optimacy
#how do you draw a demand curve on excel
if the inverse demand curve is p=120-Qand the marginal cost is const ant at 10 ,
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Evaluate the equilibrium price and quantity (a) Find the equilibrium price and quantity (b) If government in trying to control the price of the good fixes the price at c550
STRATEGIES AND POLICIES FOR ADMINISTRATIVE REFORMS: As stated in a United Nation's Publication, following strategies and policies are necessary to bring about administrative i
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