Narrowness of definition of the commodity, Microeconomics

Assignment Help:

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?


Related Discussions:- Narrowness of definition of the commodity

Balancing needs and resources, Balancing Needs and Resources planning ...

Balancing Needs and Resources planning is a balancing act. It involves the balancing of needs with resources towards set goals. Likewise, educational planning involves the bal

Elasticity of demand for gasoline - environmental services, Answer in True ...

Answer in True or Flees 1.  "Revealed preference methods for valuing environmental services and goods (for example hedonic price method, travel cost model, etc.) can reveal non-

Statistics, please can you explainn what "down 0.1 percentage point on the ...

please can you explainn what "down 0.1 percentage point on the quarter means"?

Real interest rate, Real Interest Rate: Interest rate on a loan, adjusted f...

Real Interest Rate: Interest rate on a loan, adjusted for rate of inflation. Real interest rate represents real burden of an interest payment. Real interest rates should be positiv

An exception - OECD economies, An Exception: OECD Economies It isn't i...

An Exception: OECD Economies It isn't inevitable that there be such divergence. United States--with its 14 to 25-fold increase in output per worker over the years since 1870-ha

Assignment, Individual Assignment ECO101 - PRINCIPLES OF ECONOMICS elect...

Individual Assignment ECO101 - PRINCIPLES OF ECONOMICS electronic submission via Moodle 6 Questions 100 marks (15% of total course) All questions should be attempted. 30-50 w

Determine the oldest ideas in economics, Determine the oldest ideas in econ...

Determine the oldest ideas in economics One of the oldest ideas in economics is that increases in technology certainly run into natural resource scarcity and so lead to increas

Unemployment, Unemployment: Individuals who want to be employed, and are ac...

Unemployment: Individuals who want to be employed, and are actively seeking work, but can't find a job, are considered ‘officially' unemployed. Individuals who aren't working, but

GNP, why use GNP in macroeconomichs analysis

why use GNP in macroeconomichs analysis

Supply and demand, Suppose scientists discover that eating soybeans prevent...

Suppose scientists discover that eating soybeans prevents cancer and heart disease

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd