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Broader the range of other uses of a commodity, higher the price elasticity of its demand intended for the fall in price though less elastic for the increase in price. As price of a versatile commodity falls, people broaden their consumption to its other uses. So, the demand for such a commodity generally rises more than the proportionate fall in its price. For example milk can be consumed as it is, it can be transformed into cheese, curd, buttermilk andghee. Demand for milk will therefore be extremely elastic for fall in their price. Similarly, electricity can be utilised for cooking, lighting, heating as well as for industrial purposes. So demand for electricity is very price elastic for fall in its price. For this reason, nevertheless demand for such goods is inelastic for increase in their price.
Q. What is Labour Requirements on the production capacity? Labour Requirements: Spending on labour is one of the most vital elements of cost of production. Dependable and cor
Principles of Managerial Economics points
in the context of oligopoly theory explain the channels via which either a cost reduction or a quantity increase influence a supplier''s profitability
THE STRUCTURE OF POPULATION AND SUPPLY OF LABOUR The structure (also called age distribution or composition) of population, or the number of people in the different age groups
b) Discuss the validity in Zimbabwe of the grounds on which the profit maximising model of the firm has been defended.
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question 1, Managerial Economics
Consider the following hypothetical story: Last spring, there was an outbreak of a nasty disease known as cyclosporiasis, which was eventually traced to Guatemalan raspberries. Tog
How does economic theory contribute to managerial decisions?
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