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Natural Factors:Seasonal variations may affect the demand for a commodity at certain times of the year. For example, during the raining season, demand for commodities such as jackets, raincoats and umbrellas will increase while during the dry season, demand for commodities such as fans and air conditioners will rise.Availability of creditWhen consumers are given credit facilities in the form of credit purchases, hire purchases and the use of credit cards and cheques, they are encouraged to buy more goods. Granting credit facilities, therefore, increased demand for goods covered by these facilities, all things being equal.
Consider a market with short run demand and Supply functions. Qd=4-p^2, Q''s=4p-1.Find the partial market equilibrium, calculate consumer and producer surplus at this equilibrium,
Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low
RECENT DEVELOPMENT OF DEMAND THEORY: The basic theory of consumer behaviour discussed in the previous unit can be extended in many directions, and can be applied to cover opt
Inverse Demand Function: If variable factor prices changes, then the isocost line will tilt and consequently, the optimal factor requirement will be different. Suppose the wage rat
what are the factors causing oligopoly market?
value of marginal product
Homework 4 Q1. Suppose a consumer has utility function (u) = xy where x and y are amounts of two commodities that this consumer consume. Suppose this consumer’s income is $120, pri
THEORY OF CONSUMER BEHAVIOR: It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate
Economics; Different Perspective ? Economics is the knowledge of the choices taken by people who are faced with scarcity. ? Scarcity is a condition
illustrate and explain the changing demand for big mac using indifference curve and budget line
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