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Determine the concept of Law of demandWe have considered numerous factors which fashion the demand for a commodity. As explained the first and most important factor which determines the demand of a commodity is its price. If allother factors (noted above) remain constant, it can be said that as price of a commodity increases, its demand decreases and as price of a commodity decreases its demand increases. This is a universal behaviour observed in a market. This gives us the law of demand: "The demand for a commodity increases with a fall in its price and decreases with a rise in its price, other things remaining the same". The law of demand therefore merely states that price and demand of a commodity are inversely related, provided all other things remain unchanged or as economists put it ceteris paribus.
Determine the Specific Place of demand The demand should relate to a specific market as well. For instance, every year in the town of Dehradun, demand for school bags is 4,000
Shifts in the supply curve Shifts in the supply curve are brought about by changes in factors other than the price of the commodity. A shift in supply is indicated by an entir
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Using the relationship among the price of a visit to a physiotherapist and the quantity of visits demanded, explain and distinguish between the direction, the slope, and the positi
types of elasticity
You have opened your own word processing service. You have already bought a special computer needed for word processing and paid $5,000 for it. However, due to the cost changes in
Individual firm and market supply curves The quantities and prices in the supply schedule can be plotted on a graph. Such a graph is called the firm supply curve. A fir
Hi Could you please help me with " Ramsey pricing in detail " as I have an assignment.
WHY MANAGERS NEED TO KNOW ECONOMICS The influence of economics towards the performance of managerial duties and responsibilities is of major importance. The importance and cont
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