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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.
The economic model forecasting involves estimating several simultaneous equations which are generally behavioural equation mathematical identities and market clearing equations. T
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Change in demand: change in quantity demanded occurs when the consumption of a commodity increases or decreases as a result a change in the price of the commodity, when all ot
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Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
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