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Prices of other related goods
i) Substitutes: If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls. This will lead to increased demand for Y, and this way eventually lead to increased supply of Y.
ii) Complements: If two commodities, say A and B are used jointly, then an increase in the price of A shall lead to a fall in the demand for A, which will cause the demand for B to fall too.
Discuss the determinants of price elasticity of demand
Q. Can you explain about Demand Forecasting? Demand forecasting involves forecasting and estimating the quantity of a service or product that consumers will buy in future. It a
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Shifts in the supply curve Shifts in the supply curve are brought about by changes in factors other than the price of the commodity. A shift in supply is indicated by an entir
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2.
critically analyze the of profit maximization
Exceptional supply curves In have some situations the slope of the supply curve may be reversed. i) Regressive Supply. In this case, the higher the price within a ce
Suppose that the price elasticity of demand for cereal is -0.75 and the cross-price elasticity of demand between cereal and the price of milk is -0.9. If the price of milk rises by
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