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What is Demand theory:
Demand theory relates to the study of consumer behaviour. It addresses questions like what incites a consumer to buy a particular product, why do consumers cease consuming a commodity, at what price does he/she purchase the product and so on. It also pursues to determine the effect of income, taste and habit of consumers on demand of a commodity and analyses other factors which influence this demand.
Q. Illustrate about Pecuniary economies? Pecuniary economies (which is monetary economies) are those economies accrued by the firm from paying lower prices for the factors used
Q. What do you mean by Ordinal utility? A method of analysing utility or satisfaction derived from consumption of services andgoods, based on a relative ranking of services and
AGGREGATE DEMAND This refers to the total planned or desired spending in the economy as a whole in a given period. It is made up of consumption demand by individuals, planned
demand for sting ray
Drafting of Production Policy: Demand forecasts assists in drafting appropriate production policy so that there may not be any space between future demand and supply of a product.
Q. Types of production function? Production function is of two different forms: The variable proportion production function The fixed proportion production functio
Prices of other related goods i) Substitutes: If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls. This will lead to inc
what is line balancing for paper machine?
How Income level must remain constant - law of demand The law of demand operates only when income level of the buyer remains constant. If income rises when the price of commod
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs. 3 to 2
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