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Q. What is the Nature of Commodity ?
The nature of a commodity as well has an effect on the price elasticity of its demand. Commodities can be characterised ascomforts, luxuries and necessities, on the basis of their nature. Demand for luxury goods (for example luxury cars, decorative items etc.) are more elastic than demand for other kinds of goods as consumption of luxury goods can be set aside or delayed when their prices increase. In contrast, consumption of necessary goods, (for example clothes, sugar, vegetables etc.) can't be delayed and for this reason their demand is inelastic. Demand for comforts is generally more elastic than necessities and less elastic than the demand for luxuries. Commodities can also be categorised as durable goods and perishable or non-durable goods. Demand for durable goods is more elastic than non-durable goods, as when prices of the former rises, people either get old one fixed in place of substituting it or buy 'second hand' goods.
Direct intervention The government can also intervene directly in the economy to see that its wishes are carried out. This can be achieved thorough: a. Price and i
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What is Managerial economics according to Spencer and Siegelman Spencer and Siegelman: Managerial economics is "the integration of economic theory with business practice for t
Types of isoquant
Williamson, Wachter and Harris (1975) suggest promotion incentives within the firm as a substitute to morale-damaging monitoring, where promotion is based on objectively measurable
The owner of a patent has a contract with a cooperation that gives it right to use the patent. The cooperation will pay the patent owner $2500 yearly for the next 5 years, $3000 fo
A study of 86 savings and loan associations in six northwestern states yielded the following cost function. I''ve been given the following data; C=2.38- .006153Q1 + .000005359Q2 +
Q. Evaluate Total Cost - Fixed and Variable ? Total cost (TC) of the firm is a function of output (q). It would increase with the increase in output, which is, it differs dire
Q. What do you mean by Cost Function? Cost function is a derived function. It's derived from the production function that describes the efficient method of production at any gi
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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