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The total demand consists of: 1. New owner demand and 2.A replacement demand The replacement demand tends to grow with the in the total stock with the consumers. Once a pe
Costs: If raw materials, machines and other things required for production could be made available freely then the study of the theory of the production and indeed, the study of
Bilateral and Multilateral Contracts Bilateral contract is defined as to purchase & sell certain quantities of a commodity at the agreed upon prices may be entered into between the
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
Consider a person''s decision problem in trying to decide how many children to have. Although she cares about children and would like to have as many as possible, she knows that ch
elasticity of demand
Explanation
The market for labor can be studied use a supply and demand framework. The demand for labor is from employers who use labor to produce goods and services. The supply of labor is
Determinants of Private Demand - Ability to Pay In a developing country like India, of all the factors determining investments in education, the most important factor is the ‘
Partial Input Elasticity of Output: This is a short-run concept which deals with the variability of only one factor keeping the others constant. There are three kinds of retu
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