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Diffrence between price and Income elasticity of demand:
Own price elasticity of demand is the degree of responsiveness of the quantity demanded of a commodity to a change in tis own price and measured as percentage change in quantity demanded divided by percentage change in the price of the commodity. That is:
On the other hand, income elasticity of demand is the responsiveness of demand for a commodity to a change in consumer income and measured as percentage change in quantity demanded divided bypercentage change in income.
What main features are found in oligopolies? Assumptions of oligopoly Four or five firm concentration ratio Frequently there are benefits of scale to be had Merg
Change in consumer income: A change in consumer income may bring about a change in the quantity demanded of a good or service. However, the direction of change in quantity deman
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Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales
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Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o
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What is Economic Depreciation?
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