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Change in the population of consumers:Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low populations. For example, Nigeria may demand more of certain goods and services than Ghana because Nigeria’s population is higher than that of Ghana. And even as the population of a country increases the demand for goods and services may also change.Changes in market strategiesMarketing strategies such as advertising, publicity and sales promotions (e.g. raffles are means used to get consumers to increase their purchases of a commodity. They are intended to inform and persuade existing consumers as well as new ones to buy more of the commodity. Effective marketing strategy will lead to an increase in demand for the commodity, all other things being equal.
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class
What is Hicksian demand function? Hicksian Demand Function: The solution of expenditure function that is the function of (p, u) is denoted by h(p, u) and termed as the Hicks
remedies of unemployment
AGRICULTURAL GROWTH AND PRODUCTIVITY TRENDS: Despite a steady decline in the share of agriculture in the Gross Domestic Product (GDP) of India, this sector continues to remain
What does the IS-LM framework mean? The IS-LM model helps us to understand the two opposing theories. The IS (investment/saving) curve shows equilibrium in product markets. Th
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what is an iso curve
a 12 page project
Determine the value of the marginal product of labor. Equilibrium in the Labor Market Each firm will hire labor up to the point at that the value of the marginal product of
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