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Price: The price factor is another important variable to be included in demand analysis. Here one has to consider the prices of the product and also its substitute and complements one may also consider the price differences between the product concerned and its substitutes and compliments.
Price as a determinant of the volume of sales of consumer non durable is sometimes more important through cross elasticity ( involving substitute products) than it is directly in terms of price elasticity. Direct price elasticity can expected to be more important with respect to those consumer non durables which are capable of storage and are freeform risks of changes in styles.
equation for a demand curve is p=2/q. what is the elasticity of demand if price falls from 5 to 4
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Gross Domestic Product, Deflator: A price index that adjusts the overall value of GDP according to average increase in the prices of all output. GDP deflator equals the ratio of no
What is opportunity cost? Answer: Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that co
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#queIn a particular year, an organization earns cash revenues of Rs. 2,00,000. Total material and labour expenses are Rs. 1,09,000. The depreciation claimed on the equipment is Rs.
Low levels of productivity: In addition to low standards of living, developing countries are characterized by relatively low levels of labour productivity. Throughout the dev
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