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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.
What is an effective need of demand 1. An Effective Need: Effective need demands that there must be a need supported by the capacity and readiness to shell out. Henceforth there
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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
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AGGREGATE DEMAND This refers to the total planned or desired spending in the economy as a whole in a given period. It is made up of consumption demand by individuals, planned
Infant Industry Argument Advocates of this maintain that if an industry is just developing, with a good chance of success once it is established and reaping economies of sale,
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The production function of the personal computers for DISK Company is given by Q = 10 KL where Q is the number of computers produced per day, K s the hours of machine time,
Q. Types of production function? Production function is of two different forms: The variable proportion production function The fixed proportion production functio
production function
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