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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.
Sources of monopoly power: The main sources of monopoly power include the following: (i) Control of the entire supply of a basic input . It only one firm has access to or co
INTERNATIONAL FINANCE CORPORATION: The IBRD loans are available only to member-country governments or with the guarantee of member-country governments. Further, IBRD can only
Cost Sharing in Higher Education - Graduate Tax Another commonly suggested measure is to tax the employers employing educated manpower. The case for this method is made on the
Reorder Point Techniques Systems based on reorder points assume that demand is uniform and predictable and that there is no true identifiable time of need. Hence, stock must a
what are the types of microeconomic analysis?
Q1 How many types of software organization? Explain each organization style with a suitable example? Q2 What are the factors that influence the group? Q3 Write short notes
National income accounting: Final Goods: Final goods are goods and services which are being purchased for final use and not for resale or further processing or manufacturing
How elasticity is always referred to as a positive value even though it can be negative? In economics, elasticity is measures of the incremental percentage change in single va
Budget Constraints * The Budget Line - The budget line indicates all the combinations of 2 commodities for which total money spent equals the total income. * The Budget
Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low
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