how income level must remain constant - law of, Managerial Economics

+44 141 628 6080
[email protected]

how income level must remain constant - law of

How Income level must remain constant - law of demand

The law of demand operates only when income level of the buyer remains constant. If income rises when the price of commodity doesn't fall, it's quite likely that demand may increase. Thus, stability in income is an essential condition for the operation of the law of demand.

Request for Solution File

Ask an Expert for Answer!!

Managerial Economics: how income level must remain constant - law of

Reference No:- TGS0330090

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Managerial Economics

Q : determine the concept of law of demandwe have

determine the concept of law of demandwe have considered numerous factors which fashion the demand for a commodity as explained the first and most

Q : q what is the nature of commodity the nature of a

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

Q : q proportion of income spent on a

q proportion of income spent on a commodityanother characteristic that has an impact on the elasticity of demand for a commodity is proportion of

Q : q time factor for determinants of

q time factor for determinants of demandprice-elasticity of demand depends moreover on the time that consumers take to adjust to a new price longer

Q : how income level must remain constant - law of

how income level must remain constant - law of demandthe law of demand operates only when income level of the buyer remains constant if income rises

Q : tastes of the buyer must not alterany alteration

tastes of the buyer must not alterany alteration which takes place in the taste of consumers will in all probability thwart the working of the law of

Q : prices of other goods must remain constantchanges

prices of other goods must remain constantchanges in the prices of other goods frequently impinge on the demand for a particular commodity if prices

Q : broader the range of other uses of a commodity

broader the range of other uses of a commodity higher the price elasticity of its demand intended for the fall in price though less elastic for the

Q : q proportion of market supplied - determinants of

q proportion of market supplied - determinants of demandprice elasticity of market demand moreover relies on the proportion of market supplied at the

1927367

Questions
Asked

3,689

Active Tutors

1453203

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

Discuss use of electronic devices like social media

Research has found that the use of electronic devices like social media and cell phones is associated with mental health problems,

How you ensure that other team members understand roles

Discuss how you plan to comply with this requirement and explain how you will ensure that other team members understand their roles.

How level of parental involvement impact middle school

How does the level of parental involvement impact middle school students' academic performance and overall educational experience?

What when a counselor asks a client to pretend to interview

When a counselor asks a client to pretend to interview for a job, and the counselor pretends to be an employer,

How social determinants of health affect the physiological

Question: In general, how do the social determinants of health affect the physiological body? Question options

Compare independent variables, dependent variables

Problem: Compare independent variables, dependent variables, and extraneous variables.

What options is true in relation to validity

Question: Which of the following options is true in relation to validity? Question Select one: