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Question :
(a) 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
(b) The coffee market is subject to volatility caused by weather conditions in key supplying countries such as Brazil. What other factors are likely to influence this market?
brief explain of keynesian consumption theory
Assume that a shoe salesman learned the price elasticity of demand for her products is -1.5. How many percent will increase in total sales (revenue) if she cuts the price by 10%?
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1. Econ 415 Project Select one time series of real data. The series can be selected from the published data ( http://research.stlouisfed.org/fred2/). The data series must co
Not sure how to graph & calculate a retail price of $30 & avg cost $20 assuming that the equation for demand is Q=10,000-9,000P, where P=retail price & Q=# sold per month.Then to s
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