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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.
what do you meant by rent?
Q. Market Income and Socialism? Market Income: A household's total pre-tax income obtained from its activities in formal economy, including salaries andwages, investment income
meaning of opportunity cost
Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto
marginal utility is applied on money or not
demand: Qd=100=Px supply: MC=10+1/2Qs assume first that this firm operates in a perfectly competitive market. find the price and quanity in this market.
Figure 3.7 in the above textbook. Using the figure in guide, determine the approximate size of the market surplus or shortage that would exist at a glance of a) $40 b) $20
Advocacy of Globalisation: In support of the movement for globalisation, the following arguments are put forth: i) Globalisation promotes foreign direct investment and, thu
under which market structure does the banking sector fall?
write name and symbol of element from s-block that has zero oxidation state?
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