State the assumptions of Law of Demand
State the assumptions of Law of Demand?
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Law of demand is based upon certain fundamental assumptions. They are given as below:
1) There is no change in the consumers’ preference and taste 2) Income must remain constant. 3) Prices of other goods must not change. 4) There must be no substitute for the commodity. 5) The commodity must not confer any type of distinction. 6) The demand for the commodity must be continuous. 7) People must not expect any change within the price of the commodity.
Explain the role of demand factor in pricing briefly.
States the determinants of elasticity?
Illustrates the marginal cost pricing and differential pricing?
If the wage rate increases from $25 per hour to $40 per hour, in that case the elasticity of the supply of labor from this worker is roughly: (i) zero. (ii) 7/15. (iii) 13/15. (iv) one. (v) minus 13/15. Q : Explain Economics verse Managerial Explain Economics verse Managerial economics.
Explain Economics verse Managerial economics.
By the following choices in this illustrated graph, this worker would be happiest at point: (w) point a. (x) point b. (y) point c. (z) point d. Q : Estimate demand The Real Kool Toys The Real Kool Toys Company manufactures and sells educational toys. An empirical demand function for one of the firm's products has been estimated over the last 21 quarters using regression analysis. The estimated demand function is: QY = -8,000 - 5,000PY + 192A + 120I + 2,000PX (6,000) (1,000)
The Real Kool Toys Company manufactures and sells educational toys. An empirical demand function for one of the firm's products has been estimated over the last 21 quarters using regression analysis. The estimated demand function is: QY = -8,000 - 5,000PY + 192A + 120I + 2,000PX (6,000) (1,000)
When this purely competitive labor market is firstly in equilibrium at D0L, S0L, a move to equilibrium at D1L, S0L would be inconsistent along with increases in: (w) the price of output. (x) labor productivi
One purpose that firms hire labor at the point where w is equal to P x MPPL is: (1) if w < P x MPPL, the cost (w) of hiring additional workers exceeds the gains (P x MPPL) of hiring them, therefore they would hire fewer workers. (2) when w > P x
What are the characteristics of a business cycle?
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