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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.
explain the main criteria for classifying firms into industries.which criteria serve the better and why?
concept of supply and the factors that affect the supply
EM13250 solution needed
1. State of the art machines at the advanced Yamaha musical instrument plant tune the exact sound of high caliber musical instruments (vs a certain touch, and perhaps a degree of v
What is the conditional mean: For every AR(1) model below: a. Do a three-period ahead forecasting using the given initial values and statistics. Write a 95% confidence int
Indifference Curves: Every consumption-leisure point, (l; c), in the diagram is associated with a unique level of utility. The line II represents the individuals indifference curv
consumer equilibrium by indiffrence curve approach
Change in the price of a related good: Goods relate to each other in two ways. Goods are either complements or substitutes. Complementary goods are goods with joint demand. The
Sally recently finished her full-time training and received certification as a nurse’s aid at the end of August. She sent out applications to prospective employers during the last
Q. Define Contribution Pensions? Defined Contribution Pensions: A pension plan which makes no specified promise about level of pension paid out after retirement. In its place,
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