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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.
Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
If the price of that cup of teh-tarik has increased in such an amount,economists may not necessarily conclude that the country is going throungh inflation.why is that so?
Which of these will be included in US GDP for 2005? a) A car produced in Japan in 2005 and sold in the US in 2005 b) A car produced in the US in 2004 and sold in Japan in 2005 c) A
1. Implicit and explicit revenues minus implicit and explicit costs equals: A. accounting profit. B. economic profit. C. zero profit. D. implicit profit. 2. A business owner mak
Given the following demand and total cost functions for a firm P = 4500 - 0.5Q 2 TC = 1.5Q 3 - 50Q 2 + 1000 i) the marginal profit function
methylcyclohexene + HI by the catalyst of H3PO4
what is le''chatliers principle?
How do I draw and interpret a combined ppc curve?
Available resources with the desired goals: To match the available resources with the desired goals: The complementary nature of some investment decisions make for planning. T
Type of total outlay
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