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Describe the Status goods of law of demand
The law doesn't concern the commodities that function as a 'status symbol', add to the social status or exhibit prosperity and opulence for example gold,precious stones, rare paintings and antiques, etc. Rich people typically purchase such goods as they are very costly.
Menu Costs Why do firms not change their prices very frequently? Obviously, the costs of changing prices at frequent intervals and in small amounts must be more than the b
INSTRUMENTS OF CREDIT CONTROL The central bank employs several instruments to control aggregate credit in the country. While some instruments like the open market operations mi
features of monopoly?
The supply of money Refers to the total amount of money in the economy. Most countries of the world have two measures of the money stock - broad money supply and narro
What is producer surplus? “The more the competition among the sellers, the less the producer surplus enjoyed by the producers” – do you agree with the statement. Justify your answe
Suppose that Betsy's utility function is given by the equation U=Y0.3 where Y is calculated in thousands of dollars. Betsy's present job pays her $20,000 (Y=20) per year and she ca
Exceptional supply curves In have some situations the slope of the supply curve may be reversed. i) Regressive Supply. In this case, the higher the price within a ce
Income and Substitution Effects of Price Change When the price of a commodity falls the consumer's equilibrium changes. The consumer can purchase the same quantity of X and Y
Question 1: "Anyone who is willing to learn the language of economics and take the time to practice making decisions can learn to be an effective manager." Explain how. Qu
Supply-side policies Supply-side policies are intended to increase the economy's potential rate of output by increasing the supply of factor inputs, such as labour inputs and
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