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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.
3, chapter 12
explain normal profits
Statistical methods are considered to be superior techniques of demand estimation because: a. The element of subjectivity in this method is minimum, b. Methods of es
Marginal Revenue, Marginal Cost & Profit Maximization * Determining profit maximizing level of output - Profit (π ) = Total Revenue - Total Cost - Total Revenue (R) = Pq
if tc is 200 what will be marginal cost?
Give a critique of indifference curve
#question.suppose the # of producers of electric cars increases causing the supply curve to shift to the right. If the demand curve stays stationary what will happen to the produce
there are 1 million hours of labor available for making cars in the north, and another 1 million hours of labor available for making cars in the south. in a no-trade world, let''s
ppc shows microeconomics
managerial problems related to microeconomics
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