The law of demand applies to all goods

Assignment Help Business Economics

Reference no: EM131001171

Some people seem to believe that there are goods for which the law of demand is irrelevant, goods that people just “can’t do without.” Why do economists believe that the law of demand applies to all goods.

Reference no: EM131001171

Questions Cloud

Where can someone obtain programming tools : There are four programming paradigms discussed in the textbook. Please identify all four and give a brief description of each. Where can someone obtain programming tools? Identify at least two of these tools, giving a brief description of each

How does benjamin skinner define slavery : How does Benjamin Skinner define slavery? What do you think of his definition of slavery? Tell me about the HIV infection in Haiti. Describe what a slave looks like in Haiti

Consultant to estimate the elasticity of demand for widgets : You hire a consultant to estimate the elasticity of demand for widgets, the product that your company produces and sells. When you receive the report it indicates that the elasticity of demand for widgets is -0.6. Briefly explain what that means. Wha..

What is horizontal analysis of financial statements : Name and describe one profitability ratio. What does this ratio measure? What is the formula for this ratio?

The law of demand applies to all goods : Some people seem to believe that there are goods for which the law of demand is irrelevant, goods that people just “can’t do without.” Why do economists believe that the law of demand applies to all goods.

Change the user cost of capital arbitrage equation : Suppose that Canada wants to subsidize production from capital. Production is given by Y = A * K^α * L^1−α. The market for labor and capital is competitive, and producers do not own capital. The government pays producers a fraction τ for each unit of..

Lower interest rates and less capital invested : Using the four scenarios, discuss each and choose periods when each scenario has occurred in the u s or other countries a higher interest rates, more capital invested b lower interest rates, less capital invested c lower interest rates, more capital ..

Essay on european colonialism of africa : Based on Dennis Laumann's Colonial Africa, 1884-1994, craft a reflective essay on European colonialism of Africa. Your essay should focus on reasons, tactics, colonial administration, African response, and legacy

Determine the taxpayer''s taxable income : The taxpayer uses the diminishing value method of depreciation and uses the effective life determinations as specified by the Commissioner. All assets were purchased after 10 May 2006. The business has not elected to utilise the small business e..

User Account

All Pages