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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.
Shor tage A condition under that the quantity demanded for a good or service exceeds the available supply for that good or service. Shortages usually cause a rise in price
When the price of candy bars increased from $.45 to $.55 the quantity demanded changed from 21,000 per day to 19,000 per day. In this range the price elasticity of demand for cand
The recent flooding in the upper Midwest destroyed a important proportion of the corn crop. Though, it has been discovered that corn oil is far better in keeping cholesterol withi
What was the price index for 2008, 2009 and 2010?
Balancing Needs and Resources planning is a balancing act. It involves the balancing of needs with resources towards set goals. Likewise, educational planning involves the bal
how to differentiate the exeptional demand and exceptional supply?
given that a=(4;2) and b=(5;11)determine the value of x in the following equation b=3x-1/2a
. Keep slope of supply constant and apply different slopes of demand curve and then show what happens if control price impose. Similarly, keep demand curve constant and apply diffe
Cost in the Short Run Marginal Cost (or MC) is the cost of expanding output by one unit. As fixed costs have no impact on marginal cost, it can be given as: Average Total
Q. Explain about Social-Democracy? Social-Democracy:It's a reformist political strategy that aims to win certain improvements in social and economic conditions under capitalism
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