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Durability of the Commodity:With some commodities, we require one at a time and they are used for a very long time before they get spoilt. Examples of such goods are cars, televisions, furnitures, building, clothes etc. They tend to hve low elasticity of demand (inelastic demand) because when the price of a durable commodity changes, consumers will continue to use what the have.Even when the price of such a commodity falls, it is new consumers who will mostly buy them.
Luxuries and NecessitiesLuxuries are things we can always do away with hence they tend to have elastic demand. Necessities are difficult to dispense with and they tend to have inelastic demand.
Question Suppose you work for the state government of California. Due to the heavy traffic jam on I-880, the state has decided to decide to construct a new highway. To fund a p
Special Drawing Rights: The late 1960s witnessed that the growth in world resources did not keep pace with the growth in international trade. The slackness in the growth of re
the prevalence of excess capacity is the direct consequence of the existence of monopolistic competition
1. Explain how absolute advantage and comparative advantage differ? 2. Give an example in which a person has an absolute advantage in doing some thing but another pers
#question.PROPERTIES OF INDIFFERENCE CURVES WITH TABLE AND DIAGRAM.
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Explain the figure of say''s law of market
Capital: Broadly defined, capital represents tools that people use when they work, to make their work more efficient andproductive. Under capitalism, capital can also refer to a su
Selective in Exports: There are many industries where India has an advantage because of relatively lower costs of all forms of manpower whether it is professional or factory l
The monetary calculate of the welfare associated with the change in the provision of some good. It is not to be confused with monetary value, unless the latter is explicitly desig
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