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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.
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Drafting of Production Policy: Demand forecasts assists in drafting appropriate production policy so that there may not be any space between future demand and supply of a product.
Like supermarkets, full-service department stores like Macy's are mainly in decline. What factors may these types of stores have in common behind their declines? How would you veri
Free disk space can be kept track of using a free list or a bit map. Disk addresses require D bits. For a disk with B blocks, F of which are free, state the condition under which t
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Define the shift in demand curve To put it differently, demand for a commodity means entire demand schedule that demonstrates the varying amounts of goods purchased at alternat
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