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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.
Arc Elasticity of Demand - Arc elasticity calculates elasticity over the range of prices - The formula of it is: * Arc Elasticity of Demand: An Example
reason for kinked demand curve
9. The average supernormal profit for the firm is
characteristic of duopoly
Consider an infinitely repeated prisoner's dilemma game by two players. The resultant payoffs at each stage by the actions of two players are given below in the table (payoffs are
1. Utilize Okun's law to answer the questions below; u t - u t-1 = -0.4(g yt - 3%) Assuming u t-1 = 7% a. Calculate the change in u (u t - u t-1 ) for each of the follo
This research will follow the methodology of econometrics; Chao, 2005; Castle & Shephard, 2009): 1. Specification of the model using a specific stochastic equation, together wit
give me three exceptional supply curves
PREFERENCES TOWARD RISK * Choosing Among Risky Alternatives - Assume - Consumption of a single commodity - The consumer knows all probabilities - Payoffs measured i
the basics in micro economics
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