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Substitution Effect on law of demand
When price of a commodity falls it becomes comparatively cheaper if price of all other related goods, particularly of substitutes, remain constant. Or we can say substitute goods become comparatively costlier. Because consumers substitute cheaper goods for costlier ones, demand for comparativelycheaper commodity increases. The increase in demand on account of this factor is called substitution effect.
Question: Discuss the pricing practices adopted by firms under different market structures. OR A firm produces a good, which is sold on delivery and in restaurants. The d
Q. Describe MRPL and profit maximisation? The common rule is that firm maximises profit by producing that quantity of output where marginal revenue equals marginal costs. Profi
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Income Elasticity The functional relationship among the changes in the quantity demanded for a good or service and the change in income of those persons demanding the good or s
You have been provided with daily data starting in January 2009 on the main New Zealand stock market index, the NSX-50. Choose a suitable model for measuring volatility on the New
demand function is q=4850 - 5p(1) + 1.5p(2) + 0.1 Y WHEN Y=10000 p(1)=200 p(2)= 100 find income elasticity of demand for p(1)
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determination of size of firm
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