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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.
(a) Give an overview of the Concept of Land Economic (b) Provide a definition of Land/Economics (c) Discuss the origin of Land Economics (d) Modern and Traditional Land Ec
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why is choice inevitable in the understanding of economics science?
The Money Creation Process is explained below: We can now study the money supply or the creation process. Suppose the government wishes to buy pencils worth Rs. 10 for the offi
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Question 1: The price of the good X rises from $1.30 to $1.40. Calculate the price elasticity of demand by using the mid-point method. Question 2: How do you explain the answer
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discuss ho capacity utilization and product differentiation affect internal rivalry and entry barriers with the analytical framework of the porter five forces model. use the econom
What are the different pricing practices?
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