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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?
How did fixed exchange rates and the Golden Standard affect the U.S. economy as well as other countries.
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Shifting the PPF Curve To raise the manufacturing of one good without reducing the production of the other, the PPF curve should shift outward. The PPF curve shifts outward as
Problem 1: i) Distinguish between the different types of concentration measures. ii) Derive and explain the Dorfman and Steiner (1954) condition for optimal advertising.
an increase in immigrants
Monopoly and Oligopoly help?!? 1. Your firm sells a perfume. The daily demand for your perfume estimated by your economists is given by P=150-5Q Your marginal cost is constant at $
What are the major differences between the equilibrium of profit maximiser and sales revenue maximiser?
dicuss the relevance of studing production theory and analysis inn your career as a student of manegerial economics
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