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Closesubstitute goods:The number of closesubstitute goodsThe more substitutes of good has and the more close the substitutes are, the more elastic the demand for the good. For example, the beverage, bornvita, has a number of close sustitutes such as milo, chocolim, ovaltine etc. Therefore, the demand for bornvita is likely to be more leastic because the slightest increase in the price of bornvita, consumers of the product will switch to the consumption of one of the substitutes.On the other hand, if the goods does not have any close sustitute, the demand tends to be less elastic or inelastic. For example, there is hardly a substitute to food as a whole hence the demand for food as a whole is inlestic.
1. What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2. Define economies of scale and e
what is golloping inflation
Boltzmann Distribution: In most cases of interest of chemistry the particles adopt the Boltzmann distribution. Qualitative considerations: the general expression for W given by eq
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
Ben prefers the mixed consumption basket x+y to either 2x alone or 2y alone. But as between the latter baskets, he would rather have the 2x. Do the fact stated indicates the axiom
RELATIONSHIP BETWEEN TFC ,TC ,TVC
use a graphical illustration to describe briefly what the influence of each of the following be on the market supply of labour,(a) an increase in immigrants, (b) a reduction in wag
introduction of production
any village panchayat in west bengal and get information for doing a project.
is a hotdog vendor''s stand a good example of diseconomics of sale?
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