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Which of the given commodities contain inelastic demand? A) Salt B) A particular brand of lipstick C) Medicines D) Mobile phone E) School uniform
Why the coefficient of price elasticity of demand is is negative?
What occurs to the demand for a good whenever the price of Substitute goods downs?Answer: Whenever the price of substitute good downs, then the demand for the specified good too downs.
An increase in the income of Consumer X leads to fall in demand for that good by that consumer. Name the good X termed? Answer: Inferior good
Suppose a doctor has a private clinic in New Delhi and his annual earnings are of Rs10 lakh. When he works in a Government Hospital in New Delhi, his annual earnings are of Rs 8 lakh. Determine the op
Is the study of cotton textile business a macroeconomic or a microeconomic study? Answer: The study of cotton textile business is a microeconomic study.
Producer’s Equilibrium: A producer (or a firm) is said to be in equilibrium whenever it earns maximum gains. Profit maximization of a firm signifies maximizing the difference between total cost
Marginal rate of Substitution (MRS): It is the rate at which a consumer is prepared to give up one good to get the other good.
Indifference curve: It is the combination of two goods that provides consumer similar level of satisfaction.
Budget line: This refers to all combinations of goods that a consumer can purchase with his whole income and price of two goods.
I can't able to discover the solution of this question .Help me to get answer of this question so that I can complete my assignment. Why is the factor input demand functions utilized to construct cost
Describe the consumer’s equilibrium in case of two commodities (IC) approach. Answer: Consumer equilibrium refers to a condition when he spends his specified income on purchase of a commodity
Price of related goods: a) Substitute goods – Whenever the price of substitute goods raises they become dearer whenever the price replaces goods falls they become cheaper. Whenever the price of
Income of consumer: In case of normal good - Increase in income leads to rise in quantity demanded of a normal good and reduce in income leads to reduction in quantity demanded of a normal good.In ca
Explain the methodological procedure called comparative statics. What does this procedure imply regarding the nature of the consumer demand curve?
Invisible items: All kinds of services that are rendered to or obtained from abroad are termed as invisible items. Such are invisible as these are not made up of any matter or material. The record of
Visible items: All kinds of goods that are exported and imported are termed as visible items. These are visible as such are made up of some matter or material. The record of such items is obtainable w
Components of capital account: (i) Foreign investment (ii) Foreign loans (iii) Banking capital and other capital (iv) Monetary movements.
What cause do heterodox economists employ to argue that the quantity demanded of good is a not a function of its price but of the family’s (consumer’s) income? And also discuss, For hetero
One of my friends can't succeed to get the answer of this question. Provide answer of this question. Economists of neoclassical argue that goods contain just subjective (or personal) use-value dimensi
I can't discover the answer of this question based on heterodox explanation. Help me out to get through this question. What is the heterodox explanation of the social provisioning procedure?
I am facing problem in this question. Help me in find out correct answer of this economic based question. Explain interdependent economy? Illustrate it by using an input-output table and model.
Differentiate among current account and capital account of balance of payment account. State any two transactions of capital account. Answer: Current account: It is that account that records export
The balance of payment account (BOP) account is the statement of each and every economic transaction which takes place between a nation and rest of the world throughout a particular period. BOP accoun
Managed floating rate system: This is a system in which foreign exchange rate is found out by market forces and central bank is a key contributor to stabilize the currency in condition of tremendous a