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Importance of Income Elasticity
If a country is experiencing economic growth, the income of the people will increase. However, for those engaged in the production of goods with negative income elasticities, this will mean a declining demand for their product. Even products with positive income elasticities, there is a great variability of response.
Income elasticity therefore has a most important effect upon resource allocation. As such, prosperous areas of any economy are often those associated with products which have a high income elasticity. In recession the opposite will be true.
In a one-shot game, if you advertise and your rival advertises, you will each earn RM5 million in profits. If neither of you advertises, your rival will make RM4 million and you w
Factors determining Elasticity of demand Ease of substitution. Nature of the commodity i.e. whether it is a necessity of life, luxury or addictive. Consumers
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1. What is the difference between a static (master) budget and a flexible budget? Ans: static budget is where a budget doesn't change a volume changes. An example could be th
Mrs John Robinson- 'Oligopoly is market situation in between monopoly and perfect competition in which the number of sellers is more than one but is not so large that the market pr
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Q. Time Factor for Determinants of Demand? Price-elasticity of demand depends moreover on the time that consumers take to adjust to a new price: longer the time taken, greater
Dumping If goods are sold on a foreign market below their cost of production this is referred to as dumping. This may be undertaken either by a foreign monopolist, using high
definition of optimal use of veriable input
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