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Q. Proportion of Market Supplied - Determinants of Demand?
Price elasticity of market demand moreover relies on the proportion of market supplied at the determined price. If less than half of the market is supplied at determined price, elasticity of demand would be higher if more than half of the market is supplied. Which means demand curve is more elastic at the upper half than at lower half.
Cheap Labour It is often argued that the economy must be protected from imports which are produced with cheap, or 'sweated", labour. Some people argue that buying foreign
Indifference curves In order to explain indifference curves, we will again make the simplifying assumption that the consumer buys two goods, x and y. The table below gives
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The concept of point elasticity is applicable where change in price and the resulting change in quantity are infinite or small. Though, where change in price and consequent hunger
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Environmental issues factors This is governed by the below factors: The type of economic system of the country Business cycles Industrial policy of the countr
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Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
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