Price elasticity of demand
Elucidate any four factors which affect the price elasticity of demand.
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A) Nature of Commodity: Requirements such as Salt, Kerosene oil and so on have inelastic demand and luxuries elastic demand.
B) Availability of substitutes: The Demand for goods which contain close substitudes is relatively much elastic and goods devoid of close substitutes having less elastic demand.
C) Different uses: Commodities which can be put to various uses contain elastic demand for instance electricity has different utilizations.
D) Habit of the consumer: The Goods to which consumers become habitual will contain inelastic demand. Illustration:? Liquor and Cigarette.
The interest rates business investors into economic capital should pay on a loan: (w) reflect the opportunity costs to society of funding one investment in place of another. (x) are relatively trivial investment costs by investors&rsq
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The word economists employ to explain a condition where a powerful seller confronts the powerful buyer is: (1) Reciprocal exploitation. (2) Strategic bloc management. (3) Dialectical bargaining. (4) Ancillary reciprocity. (5) Bilateral monopoly. Q : Cut in prices of Complementary Goods The demand for gasoline would rise rapidly after a fifty percent: (i) Drop in the price of crude oil. (ii) Discovery of main latest oil supplies. (iii) Cut in public transportation fares. (iv) Cut in latest car prices. Q : Consumption processing in transaction At the front of the grocery store, you understand every cashier is backed up although the twelve-items-or-less lane. You rapidly count items, and dash back to aisle ten to reshelf Coco Puffs you have decided are unessential for surviv
The demand for gasoline would rise rapidly after a fifty percent: (i) Drop in the price of crude oil. (ii) Discovery of main latest oil supplies. (iii) Cut in public transportation fares. (iv) Cut in latest car prices. Q : Consumption processing in transaction At the front of the grocery store, you understand every cashier is backed up although the twelve-items-or-less lane. You rapidly count items, and dash back to aisle ten to reshelf Coco Puffs you have decided are unessential for surviv
At the front of the grocery store, you understand every cashier is backed up although the twelve-items-or-less lane. You rapidly count items, and dash back to aisle ten to reshelf Coco Puffs you have decided are unessential for surviv
An unregulated monopoly which does not price discriminate sets price in accord along with the: (w) height of the graph where marginal revenue equals average total costs [MR = ATC]. (x) height of the graph where marginal costs equal av
Average variable costs per generic 2×4 of this pure competitor’s equal roughly: (w) $0.20 (20¢ per 2×4). (x) $1.00 per 2×4. (y) $1.70 per 2×4. (z) $2.10 per 2×4. Q : State excess demand or inflationary gap State excess demand or inflationary gap: Excess demand takes place whenever AD is bigger than AS at the level of full employment equilibrium.
State excess demand or inflationary gap: Excess demand takes place whenever AD is bigger than AS at the level of full employment equilibrium.
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