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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 at a price of Rs. 200. Therefore the demand of a product is an effective need that determines the quantity of a product that will be bought at a specific price in a specific market at some stage in a particular period. However the significance of a specific market or place isn't as significant as the time period and price for which demand is being measured.
Suppose that the price elasticity of demand for cereal is -0.75 and the cross-price elasticity of demand between cereal and the price of milk is -0.9. If the price of milk rises by
What are the essential conditions for perfect completion? Two essential conditions for perfect competition are as given below: a. Various producers, none of whom have a hug
question 1, Managerial Economics
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Explain factors determining elasticity of demand.
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Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential
Estimating economic relationships Managerial economics estimates economic relationships between various business factors likeelasticity of demand, income, profit analysis, cos
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