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Situation is where a luxury is there. There is the snob appeal possibility where the higher the price, the more desired the commodity it. Often people will drive expensive cars, easily because of the image it makes. If the car is extremely expensive, i.e., Rolls Royce, the snob effect may be the primary motivation for the purchase. This also works with less costly commodities. For example, Joy Perfume advertised itself as the world's most costly to attract consumers that their marketing surveys shown would respond to the snob effect.
what is market economy and how it solve the central problem
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
1. How can a nation and its producers determine whether or not it has a comparative advantage in producing a particular good or service? a 2. The above figure show
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Explain about the specification of economics environments. Specification of Economic Environments: The primary step for studying an economic issue is to identify the econom
why value of marginal product is negatively sloped
Problem 1: (a) Explain the meaning of inflation. (b) "Inflation is always and everywhere a monetary phenomenon." Discuss this statement. (c) Briefly explain the link betw
Inflation-Unemployment Trade-off under Adaptive Expectations : By the late 1960s, the inverse relation between inflation and unemployment as suggested by the Phillips curve was
What are the "three basic economic questions" that economists often address when examining how much economic output is formed? The three basic questions are: a) what is prod
info about Inorganic chemistry
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