State the assumptions of Law of Demand
State the assumptions of Law of Demand?
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Law of demand is based upon certain fundamental assumptions. They are given as below:
1) There is no change in the consumers’ preference and taste 2) Income must remain constant. 3) Prices of other goods must not change. 4) There must be no substitute for the commodity. 5) The commodity must not confer any type of distinction. 6) The demand for the commodity must be continuous. 7) People must not expect any change within the price of the commodity.
Illustrates the conditions of price discrimination?
8. The Real Kool Toys Company manufactures and sells educational toys. An empirical demand function for one of the firm's products has been estimated over the last 21 quarters using regression analysis. The estimated demand function is: QY = -8,000 - 5,000PY + 192A + 120I + 2,000PX (6,000) (1,00
An investment in specific human capital arises while: (w) Chandra learns Japanese to be eligible for a potential job in Tokyo. (x) Chele has a face lift so she can increase her fees for high-fashion modeling. (y) Chelsea practices playing a harp and a
Illustrates the important question regarding the managerial economics?
Illustrates the types of Demand Forecasting?
States the term Demand Analysis?
Suppose that the auto market started at the intersection of D0S0, and in that case automakers opened foreign assembly plants after discovering which competent foreign employees worked for minor wages. How would it influence the auto market?: (
Define the difference between accounting and economic cost.
Profit maximizing competitive firms will competitively hire supplied labor up to that point where VMP is: (w) is at its maximum. (x) equals the wage rate. (y) minus MRP is minimized. (z) minus W is at its maximum.
what are the criteria for good forecasting
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