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determinants of demandprice elasticity of demand fluctuates from commodity to commodity whereas the demand of some commodities is highly elastic
income elasticity of different consumer goodscommoditiescoefficient of income elasticityimpact on expenditurenecessitiesless than unitary eylt
q show the uses of income elasticitya few significant uses of income elasticity are as followsfirst concept of income elasticity can be used to
determine the specific place of demand the demand should relate to a specific market as well for instance every year in the town of dehradun demand
for all regular goods income elasticity is positive though the degree of elasticity fluctuates as per the nature of commodities consumer goods are
state the specific time of demanddemand should be assigned specific time for instance it is an incomplete proclamation to state that demand of air
determine a specific price of demand of producta proclamation concerning the demand of a product without mentioning its price is worthless for
cross-elasticity is the measure of responsiveness of demand for a commodity to the changes in price of its substitutes and complementary goods for
the relationship between total expenditure and price elasticity of demand has summed up in the below tabletable elasticity and consumption
what is an effective need of demand1 an effective need effective need demands that there must be a need supported by the capacity and readiness
determine the concepts of demand demand always mentions to demand at price the term demand has no meaning unless it is related to price for example
q explain price elasticity and total revenuegiven the relationship between price elasticity and marginal revenue of demand in eq ii the
the most significant uses of the price elasticity of demand used specifically in business decision-making it refer to the relationship between price
compare the price elasticity at two parallel demand curves at a given price this has been explained in fig above where two demand curves ab and cd
desire for a commodity this validates that a want or a desire doesnt develop into a demand except it is supported by the ability and willingness to
what is the meaning of demandin economics demand has a specific meaning distinct from its ordinary usage in common language we treat desire and
illustrate about demand theorydemand theory is one of the core theories of consumer behaviour andmicroeconomics it attempts at answering questions
what is demand theorydemand theory demonstrates the relationship between demand for services andgoods demand theory is the building block of demand
write the forecasting techniques there are many forecasting techniques available to person assisting the business in planning its sales take for
illustrate about forecasting in managementa forecast expert has been asked to provide quarterly estimates of the sales volume for a specific product
price elasticity at terminal pointsthe price elasticity at terminal point n equals 0 means that at point n e 0 at terminal point m although
define the term forecastingas the term forecasting may appear technical planning for future is a critical aspect of managing any business or
describe the forecasting method in managerial economicsit is a technique or a method to predict many future aspects of a business or any other
describe about regression analysisan illustration from the automobile industry is befitting for explaining the forecasting method that uses simple
define the simple statistical concepts of averagesimple statistical concepts of average mean and standard deviation are used estimating a