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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.
Risk Neutral - A person is a risk neutral if they show no preference between certain, and an uncertain income with the same expected value.
to what extent are interest rates determined by the economic theory
Capital Account: The capital account deals with long and short-term capital movement.These capital movements are referred to as autonomous because they take place for business o
not that long ago we experienced the excitement of thinking we would have cheaper online books and free music. these visions that we had of a free market utopia that blinded us to
1. Seller has ample time to adjust to price change. 2. Buyer's response to small price change is significant. 3. Buyers are faced with many options when deciding to make a
Xd(Px)=5000-100Px
what are the limitations of economies of scale?
give assumption, rules/formulas and demonstrate that ramsey prices are the seconnd best pricing. explain clearly.
Consider the following information relating to the pulp market. Demand Supply Output(tonnes/ da
Determine the industrial core of world economy The industrial core of world economy saw its level of material productivity and standards of living explode in the 19th and 20th
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