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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.
Discuss the costs and benefits of establishing a common currency. So, there is a convergence issue in setting up the common currency - and there will also be a convergence prob
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What are the properties of compensared demand function
b) Why is monopoly considered to be generally against public interests, and what policy instruments can be used to regulate monopolies?
show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .
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prove that the utility approach and the indifference curve approach yield the same consumer equilibrium
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