Explain why each of the following factors may influence the, Microeconomics

Assignment Help:

Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commodity as a ‘luxury’ or a ‘necessity’. (ii) The narrowness of definition of the commodity. (iii) The length of the period under consideration (iv) The availability of substitutes for the commodity

Related Discussions:- Explain why each of the following factors may influence the

What are the possible advantages of free trade, What are the possible advan...

What are the possible advantages of free trade? Firms a) Specialisation and enhanced use of comparative advantage b) Possibility of advantages of scale c) Spread

Describe clearly how the interest rate is determined, (a) Describe clearly ...

(a) Describe clearly how the interest rate is determined in: (i) Loanable Funds Framework; and (ii) Liquidity Preference Framework. (b) According to Liquidity preference

What is the equilibrium quantity?, Supply and demand for a given type of MP...

Supply and demand for a given type of MP3 player are given by the following equations: P=980-1.5Qd P=20+0.9Qs

Transactions demand for money, Transactions demand for money: Transact...

Transactions demand for money: Transactions demand for money represents cash balances held by economic agents in order to carry outordinary everyday transactions.For example,

Illustration of externalities, Externalities: Many economic activities have...

Externalities: Many economic activities have collateral effects (at times positive, but more often negative) on other people who aren't directly involved in that activity. Illustra

Market supply of labour, #queUse a graphical illustration to describe brief...

#queUse a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more wome

Monopoly, b) Why is monopoly considered to be generally against public inte...

b) Why is monopoly considered to be generally against public interests, and what policy instruments can be used to regulate monopolies?

Consumer equilibrium.., assignment on consumer equilibrium

assignment on consumer equilibrium

Returns to scale, describe returns to scale and give examples of each.

describe returns to scale and give examples of each.

Social cost, Social cost: Social cost of production refers to the cost...

Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages