Prices of other goods must remain constant - law of demand, Managerial Economics

Assignment Help:

Prices of other goods must remain constant

Changes in the prices of other goods frequently impinge on the demand for a particular commodity. If prices of commodities for which demand is inelastic rise, demand for a commodity other than these in all probability would decline even though there may not be any change in its price. Thus, for the law of demand to operate it is imperative that prices of other goods don't change.


Related Discussions:- Prices of other goods must remain constant - law of demand

The balancing item, THE BALANCING ITEM Since for ever position entry i...

THE BALANCING ITEM Since for ever position entry in the current and capital accounts there is a corresponding negative entry in the monetary account, and for every negative en

Define the simple statistical concepts of average, Define the simple statis...

Define the simple statistical concepts of average Simple statistical concepts of average (mean) and standard deviation are used.  Estimating a relationship among variables need

Trade cycle-hawtrey views, Hawtrey views about Trade Cycle Hawtrey view...

Hawtrey views about Trade Cycle Hawtrey views trade cycle as a purely monetary phenomenon. According to him, inventory cycles result from fluctuations caused in the desired rat

State the basis of business policies, State the Basis of business policies ...

State the Basis of business policies Managerial economics is the founding principle of business policies. Business policies are prepared based on studies and findings of manage

Managerial Economics, Calculate point elasticity of demand for demand funct...

Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2

Difference between a static budget and a flexible budget, 1.  What is the d...

1.  What is the difference between a static (master) budget and a flexible budget? Ans:  static budget is where a budget doesn't change a volume changes.  An example could be th

Individual firm and market supply curves, Individual firm and market supply...

Individual firm and market supply curves The quantities and prices in the supply schedule can be plotted on a graph. Such a graph is called the firm supply curve. A fir

Managerial Economics, Calculate point elasticity of demand for demand funct...

Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2

Explain the relationship between average and marginal cost, Question: i...

Question: i) If X and Y are different processes producing the same commodity and the joint total cost (TC) is given by: TC = X 2 + 2Y 2 - 3XY Using Lagrange Multiplier,

Differentials and disequilibrium, DIFFERENTIALS AND DISEQUILIBRIUM In ...

DIFFERENTIALS AND DISEQUILIBRIUM In a free enterprise system, workers aim at maximizing their wages.  Hence, it would be expected that workers would move form low-paying indus

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