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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.
what is equi marginal concepts?
Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential
Demand Schedule The law of demand can be explained through a demand schedule. A demand schedule is a series of quantities that consumers would like to buy per unit of time at d
(i) 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 sh
Theory of Consumer Behaviour Through the study of theory of consumer behaviour we can be able to explain why consumers buy more at a lower price than at a higher price or put
Asuume there are two inputs in the production function, labor & capital, and these two inputs are perfect substitutes. The existing technology permits one machine to do the work of
Define theVariable factor of production The input level of a variable factor of production can be diverse in the short run. Raw material inputs are believed as variable fact
Explain baumol''s static model
#quest Describe the oligopoly market structure and give some examples.ion..
Point and arc elasticity of demand The elasticity of demand is conventionally measured either at a finite point or between any two finite points, on demand curve. The elasticit
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