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Q. Availability of Substitutes - Determinants of Demand?
One of the most important determinants of elasticity of demand for a commodity is availability of its substitutes. Closer the substitute, greater is elasticity of demand for the commodity. For example, tea and coffee could be regarded as close substitutes for one another. So if price of one of these goods increases, its demand decreases more than the proportionate rise in its price as consumers switch over to comparatively lower-priced substitute. Furthermore broader the choice of the substitutes, greater is the elasticity. For example washing powder, soaps, shampoos, toothpastes etc. are available in different brands; every brand is a close substitute for the other. So, the price-elasticity of demand for each brand would be to a large extent greater than general commodity. In contrast, salt and sugar don't have their close substitute and for this reason their price-elasticity is lower.
Country A has a fixed exchange rate with country B. Due to a recession in country B, demand for A's goods falls. Draw what would happen on the graph below. On the graphs, draw what
Why Do Monopolies Exist? Monopolists have market power and as a consequence will charges higher prices and generate less output than a competitive industry. It produces profit
critically analyze the of profit maximization
how it is revalent?
Free disk space can be kept track of using a free list or a bit map. Disk addresses require D bits. For a disk with B blocks, F of which are free, state the condition under which t
1. The price of a U. S. produced hammer is $5. The exchange rate with Malaysia is 3 Ringgit/1$. What is the current price of the hammer in Malaysia? (Assume no transportation cost.
Q. Loss at the point of equilibrium? Losses: At the point of equilibrium i.e. E where MR = MC, firm produces OM amount of the output. To produce this output, firm incurs an a
Usually, elasticity of a demand curve throughout its length isn't the same (Fig. below). It varies between 0 and ∞, or in other words, 0 ≤ e p ≥ ∞ In some cases, though, the
Determine the studies of Managerial economics Managerial economics studies the application of techniques, principles as well as concepts of economics to managerial problems of
Problem 1: The national budget exercise is nothing more than a political exercise. Discuss. Problem 2: a. What do economists mean by the term ‘efficiency'? b. What
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