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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.
Diversification - Assume that a firm has a choice of selling air conditioners, heaters, or both of them. - The probability of it being hot or cold is 5%. - The firm woul
Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
The income elasticity of demand calculates the responsiveness of the quantity demanded of a commodity to changes in consumers' incomes. This is typically calculated by replacing t
State Property Regime Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4
Black Economy Public Policy Interface: The above mode of functioning and expansion of the black economy became an important basis for policy disruption in India. The undergrou
I need someone to do my quizzes it has 24 questions each. There are a total of 11 quizzes
What is Demand Forecasting? Explain in brief various methods of forecasting Demand.
Q. What do you mean by Externality? An externality exists when the actions of one individual affect the wellbeing of other individuals without any compensation taking place. F
Economists view depreciation as capital consumption for them, there are two distinct ways of charging for depreciation (1) the depreciation of equipment must equal its opportunity
Problem : (a) With reference to the characteristics of market structure, explain why the market for powdered milk in Mauritius is an appropriate example of monopolistic compet
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