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.
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Payments for a resource into excess of the minimum needed to supply specified amounts of the resource are termed as: (1) economic rents. (2) wage premiums. (3) excess profits. (4) surplus values. (5) capitalization. Q : Financial Asset of Annual Income Perpetuity is a: (w) life insurance policy which matures upon retirement. (x) nondepreciable piece of capital. (y) financial asset which pays its owner an annual income forever. (z) pyramid scheme as a chain letter. Discover Q & A Leading Solution Library Avail More Than 1459950 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1949801 Asked 3,689 Active Tutors 1459950 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
Perpetuity is a: (w) life insurance policy which matures upon retirement. (x) nondepreciable piece of capital. (y) financial asset which pays its owner an annual income forever. (z) pyramid scheme as a chain letter. Discover Q & A Leading Solution Library Avail More Than 1459950 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1949801 Asked 3,689 Active Tutors 1459950 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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