Narrowness of definition of the commodity, Microeconomics, Microeconomics

Assignment Help:

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

Related Discussions:- Narrowness of definition of the commodity, Microeconomics

Marris''s model of managerial entrprize into, introduction of this model

introduction of this model

Economic champter 1, provide 3 examples of 1210 billionares in the world fa...

provide 3 examples of 1210 billionares in the world face scarcity

Ccc, #question.ccccc

#question.ccccc

Change in the population of consumers, Change in the population of consumer...

Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low

What is equilibrium point, What is equilibrium point

What is equilibrium point

Graded discussion board, The Case: In Pakistan, sugarcane, wheat, rice and ...

The Case: In Pakistan, sugarcane, wheat, rice and cotton accounted for 90% of the value added in crops and 6% of GDP in the last fiscal year but the average yield of these crops is

The world bank, THE WORLD BANK: The World Bank is another of the 'Bret...

THE WORLD BANK: The World Bank is another of the 'Brettonwoods Twin Sisters'. The World Bank, as it obtains presently, is an umbrella organisation, under which five different

How monetary and fiscal policies can be used to alleviate, Explain how mone...

Explain how monetary and fiscal policies can be used to alleviate (= lessen) dissimilar types of inflation. Define monetary and fiscal policies and show how these policies mig

Pure monopoly, advantage dis advantage of pure monopoly

advantage dis advantage of pure monopoly

What are possible negative consequences of economic growth, What are the po...

What are the possible negative consequences of economic growth in a developing country? Define economic growth as an enhance in GDP during a given time period, and then define

Write Your Message!

Name

Email id

Message

Verfication Code

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!

Submit Assignment

User Account

All Pages