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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.
KEYNESIAN VIEW ON UNEMPLOYMENT Keynes in his General Theory presented a view that fluctuations in aggregate demand (AD) influences the equilibrium level of output. Thus
explain williamsons model of managerial discretion?
gap between economic theory and business practice
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Write a detailed note on the planning and development of Management Information Systems
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