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Change in consumer Taste/preference:Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to increase whilst declining taste or preference causes demand to fall, ceteris paribus. Taste or preference for goods and services are influenced by advertisement, fashion and sales promotions. Change in consumer expectationsThe decision to buy a commodity today is influenced by the expected future price of the commodity and expected change in consumer income. If a consumer anticipates the price of a commodity to increase in future, today’s demand for the commodity will increase but if the consumer anticipates a fall in future price, then today’s demand for the commodity will fall.Similarly, an expected consumer income increase may cause demand for a normal commodity to increase and vice versa.
Before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions. The difference between the ch
Answer in true or false 1. "Improvements in environmental quality of a recreational site will, all other things being equal, increase consumer surplus of individuals that visit
Hydrogen, Alkali and Alkaline earth metals Lithium atom and ion are very small and are comparable in sizes to those of Mg. Their polarizing power (charge / radius) are almost t
how measure the inflation
Q. What do you meant by Enclosures? Enclosures: A historic process in Britain and other European countries, in very early years of capitalism, in that lands formerly held and u
Plss explain bains limit pricing theory.
Rational Expectations- Inflation Unemployment Trade-off : Now, consider what happens if we suppose that workers have rational expectations about the rate of inflation First, th
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Explain three major barriers to development experienced by developing countries. Well, the scope of possible answers here is, em, wide, to say the least. The issue is not to si
What is main difference between nominal money supply and real money supply? Real money supply is the supply of real money in the economy. Real money is supplied considering th
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