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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.
Explain the meaning of the statment "coffee and tea are close substitutes".
FOREIGN EXCHANGE MARKETS: A foreign exchange market (sometimes informally called the forex market, or denoted FEM) is a market in which different currencies are bought and sol
what is the total cost if the price of 10,quantity demanded is 900000, at $20 it is 800000? The author is paid 2 million dollars to write a book, the marginal cost of publishing t
What is the optimal consumption bundle and marginal utility per dollar? The optimal consumption bundle is the consumption bundle which maximizes a consumer's total utility sp
• If Mary uses all her resources to produce hats, she can produce 48 hats an hour. • If she uses all her resources to produce apple pies, she can make 24 apple pies an hour. how
You work in the front office of the Spokane Indians, a minor league baseball team that plays in the Northwest League of Minor League Baseball. Your boss wants to know the different
discuss the term of price mechanism,give examples to elaborate the concept clearly
I need help with a question that has been posted on here already.
A monopolist faces the inverse demand for its output: p = 30 – Q The monopolist also has a constant marginal and average cost of $4/unit. The government is seeking ways to collect
hey, I just have a question on how to apply things like ATC and AVC in a problem. im just not too sure about what happens to the quantity of a particular good when asked. this is p
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