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Explain why both the PES and PED tend to be inelastic in the short run for primary goods.
PED deals with (primarily) the ability and propensity of consumers to switch to other goods, which in turn deal with the availability of substitutes, the amount spent on the good and how income sensitive the good is. Taken together, in the SR, consumers are rather unwilling to switch to other goods when it comes to primary commodities, as are firms, which use such goods as factor inputs. PES deals with the availability and ease of switching to supplier substitutes, which in the SR is rather complex for commodity goods - because of seasonality of agricultural goods and the heavy investment often seen in mining for minerals.
Carmen, the Queen of Electra, is concerned over what she believes is an excessive consumption of electricity. Consequently, she proposes an excise tax on electricity consumption w
#• The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan
#q The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan
Division of labour: Division of labour involves dividing a production process into a number of smaller tasks for each task to be undertaken by a different worker. It may also be
Over the course of modern American economic history there have been market failures, various social problems, and other complexities that have resulted in certain resource markets
Q. What do you meant by Hoarding? A situation in that companies, financial investorsor individual consumers choose to hold hoards of cash or other liquid assets, instead of spe
The Acme Bakery in the seaside resort town of Malvino sells freshly baked bread to two categories of consumers: residents of the town and tourists. The weekly demand from touris
List four characteristics of monopolistic competition
Organic biochemistry is really as well as biochemistry. This is because the as well as atom is the central source of all existing creature's substances. 8 protons and 8 electro
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