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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.
discuss baumols dynamic models
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gap between economic theory and business practice
Jeremy is an economics learner who loves hamburgers. He could eat any number of them for dinner, but he gets a really bad stomach ache after eating a certain amount. In fact, his u
Q. What is Transport and Storage Economies? As the output increases, unit cost of transportation of raw materials, intermediate products and finished products fall. This is for
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Autonomous Expenditure Also called Exogenous expenditure, is any expenditure that is taken as a constant or unaffected by any economic variables within our theory. For instan
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Let Consider an economy with three states. The following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4). The t=0 prices of these stocks are give
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