price elasticity of demand, Business Economics

Assignment Help:

Aska) 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 question #Minimum 100 words accepted#

Related Discussions:- price elasticity of demand

Production funtion, what is production nfunction

what is production nfunction

Characteristics of developed to less developed countries, What are the char...

What are the characteristics of developed countries applied to Less Developed Countries? Some of Kuznets' characteristics of a DC (developed countries) can be applied to LDCs (

Goods and servies, Make a list of businesses that provide goods and service...

Make a list of businesses that provide goods and services that you or your family members use in a typical week. For instance, do you stop at the service station on your way to sch

Resource of economics development, what are the resources of economics deve...

what are the resources of economics development

Explain conditions necessary to achieve pareto efficiency, Problem: i) ...

Problem: i) Evaluate the following statement: "The First Theorem of Welfare Economics states that as long as producers and consumers act as perfect competitors and there ar

Primary and Secondary Markets, What would primary markets look like in abse...

What would primary markets look like in absence of secondary markets?

Difference between economic growth and economic development, Problem: (...

Problem: (a) Critically asses the difference between economic growth and economic development. (b) Describe the definition of economic development as a multidimensional pro

Economic analysis of projects, Economic analysis is done from the viewpoint...

Economic analysis is done from the viewpoint of society or economy as a whole. The evaluation is done from a wider angle not merely in financial terms. . In 1936, Flood Control Act

Scale, Most studies of firms’ long run costs have found that average costs ...

Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms. H

Briefly describe the axioms of hannah and kay (1977), QUESTION 1 i) Dis...

QUESTION 1 i) Distinguish between the different kinds of concentration measures ii) Briefly describe the axioms of Hannah and Kay (1977) iii) Derive and explain the Dorfm

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages