Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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.
Average Total Costs (ATC) This is total cost per unit of output, obtained by dividing total cost by total output i.e. ATC = Total Cost Total Outp
Q. What do you mean by Kinked Isoquant? This isoquant presumes only limited substitutability of labour andcapital. There are just a few processes for generating any one commodi
Define the simple statistical concepts of average Simple statistical concepts of average (mean) and standard deviation are used. Estimating a relationship among variables need
Advantages of Perfect Market It achieves, subject to certain conditions, an allocation of resources which is: socially optimal" or "economically efficient" or "pareto effi
Define concept of Managerial decision-making Managerial decision-making draws on economic concepts as well as techniques and tools of analysis provided by decision sciences. T
State the relevant economic quantities Managerial economics helps the management in predicting numerous economic quantities like profit, cost, capital, demand, price, productio
PROGRESSIVE TAX A progressive income tax system is one where the higher the income, the greater the proportion paid in taxes. This is effected by dividing the taxpayers' inco
Marginal utility approach The downward sloping nature of the demand curve can be explained by using the law of diminishing marginal utility . For instance, consider a consum
factors affecting demand forecasting
how realistic is the sales maximisation model
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd