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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.
Consider the following table. It shows the market shares of seven clothing stores (A to G) in five dissimilar cities. a) Calculate the Herfindahl index (?H) for each city.
Macro-economic policy objectives The major macro-economic policy objectives which the governments strive to achieve are: i. Full employment One of the main objectives
Average Propensity to Consume The average Propensity to Consume [APC] is defined as the fraction of aggregate national income which is devoted to consumption. If consumptio
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
SHORT-RUN EQUILIBRIUM All firms are assumed to aim at maximizing profits or minimizing losses. The monopolist controls his output or price, but not both. The monopoly maxi
A cost-push inflation have as a result of workers' attempts to push up their wages. Thus, inflation does not have to be monetary phenomenon." Is this statement true, false, or unce
A city has two newspapers. Demand for either paper depends on its own price and the price of its rival. Demand functions for paper A & B respectively, measured in tens of thousands
a bus operates two routes,one to harare and another one to johanesburg.the company analyst estimated that the elasticity of demand for joburg is 0.9 while for harare is 2.the compa
Indifference curves In order to explain indifference curves, we will again make the simplifying assumption that the consumer buys two goods, x and y. The table below gives
The relationship between, total expenditure and price elasticity of demand has summed up in the below table: Table: Elasticity and Consumption Expenditure Elas
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