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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.
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in terms of pr
Ask question what is frugal economy
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This involves the characteristics of the production human as well as non human using the product concerned. For example it may pertain to the number and characteristics of children
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The price of oil increases because OPEC reduces oil production
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