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Increase in demand
SS is the supply curve and D1D1 the initial demand curve shifts to the right, to position D2D2. P1 is the initial equilibrium price and q1 the initial equilibrium quantity. When demand increases to D2D2, then at price P1, the quantity demanded increases from q1 to qd. But the quantity supplied at that price is still q1. This leads to excess demand over supply (qd - q1). This causes prices to rise to a new equilibrium level P2 and the quantity supplied to rise to a new equilibrium level, q2.
Q. Illustrate Fiscal Monopoly? Fiscal Monopoly: To stop exploitation of consumers andemployees, government nationalises many industries and obtains fiscal monopoly power ove
Let consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1,
Q. Define the Natural Monopoly? Natural Monopoly: Natural monopoly is because of natural factors. For illustration, a particular raw material is concentrated at a specific pl
a. Explain why the demand for a particular brand is more elastic than the demand for all cigarettes. If Lucky Strike raised its price by 1% in 1918, was the price elast
Demand management policies These policies are intended to increase aggregate demand and, therefore the equilibrium level of national income. They are sometimes called fiscal a
Perfect Competition The model of perfect competition describes a market situation in which there are: i. Many buyers and sellers to the extent that the supply of
Using the discounting principle calculate the present value of an annuity of five years at Rs. 500 payments made at the end of each of the next five years at 10% interest. stion..
The Budget line and its economic interpretation The indifference curve shows us consumer preferences but it does not show us the situation in the market place. Here the consu
Price rise in future must not be expected - law of demand If the buyers of a commodity expect that its price will increase in future they raise its demand in response to an in
monopolistic competition
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