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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.
A medical insurance company offers its salespeople the following compensation scheme: each worker takes a fixed salary and, in addition to that, a commission depending on the volu
Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential
Q. Illustrate about Sales maximisation? The concept that business firms (specifically those operating in the real world) are principally goaded by the aspiration to achieve the
Merits of direct taxes a. They satisfy the principle of equity as they are easily matched to the tax payers capacity to pay once assessed. b. They satisfy the principles
what is equi marginal concepts?
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