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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.
Value Added:Value added in a particular stage of production equals value of total output, less the value of intermediate products (comprising raw materials, capital equipment and o
Comparison with Other Countries: The basic purpose of this type of comparison is that: (i) it helps us to know the potentials of growth that can be built up in an economy,
Q. Explain the Post-Keynesian Economics? Post-Keynesian Economics: A modern heterodox school of economic thought that emphasizes more radical or non-neoclassical aspects of Joh
Define the Production Possibilities Curve and explain the basic economics concepts using the PPC. Explain the factors tht shift the PPC outwards
Economies of Common Services: Through the concentration of firms in a particular industry in a given geographical location, the firms may enjoy certain commonservices.These
What currency was used in the 1700s? Ans) this is depends on the country. Most currencies, though, were based on gold and silver. In America, in the 13 colonies, tobacco wa
#queA monopolist has a constant marginal and average cost of $10 and faces a demand curve Of Qd = 1000-10P. Marginal revenue is given by MR= 1000-1/5Q. stion..
An economics branch which keep concentrate on illumination the economic decisions people make in practice, particularly when these conflict with what conventional economic theory p
what is Scitovsky Contour ?
Devil's Advocate Explicit role undertaken by a group member who actively questions and challenges the group's ideas, procedure, and decisions. Such active questioning helps de
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