Define normal goods
Normal goods: Normal goods are such goods whose demand increases with the increase in income of consumer.
The absolute value of price elasticity of demand tends to be lower when: (w) the greater the number of substitutes available. (x) the more important the product is in classical budgets. (y) for necessities than for luxury items. (z) when more time is
Is there any rule of thumb for office rent or on lease per gross income? If yes, then explain?
Technological advances have raised agricultural productivity enormously among 1800 and nowadays, and therefore, the relative incomes of family farmers declined dramatically. There hardships endured through American farm families throughout this period
Price controls are intended to: (w) eliminate arbitrage and speculation. (x) stabilize prices. (y) make sure laissez-faire policies. (z) ignore shortages and surpluses. How can I solve my economics problem? Please
Market demand curve for the Hormel’s canned Spam [that is, a processed pork product which is an inferior good for most of the people], would shift rightward as the effect of major increases in: (i) Publicity regarding high correlations among hea
When economies of scale in producing a product persist across the complete range of market demand as: (w) pure competition is the most efficient market structure. (x) competition will prevent monopolization of the industry. (y) compet
What is Marketability. Write some points for it.
In addition to price, what are the other determinants that producers want to sell?
Features of Monopoly: A) A Single seller B) No close replacement available. C) No freedom for entry of new firms. D) Possibility of price discrimination.
A department store faces a decision for a seasonal product for which demand can be high, medium or low. The purchaser can order 1, 2 or 3 lots of this product before the season begins but cannot reorder later. Profit projections (in thousands of euro) are shown below:
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