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theory of demandthe consumer behaviour under indifferencecurve approach where it is assumed that the consumer possesses a utilityfunction the
theory of cosumer behaviour basic themeswe elaborated two classical theories viz cardinal approach and ordinal approach in ordinal approach
compensated demand curvecompensated demand function for a commodity say x1 of an individual consumer represents demand quantity for that good
cardinal theory an introduction in cardinal approach utility is measured cardinally or numerically in terms of money the consumer not only
theory of consumer behaviorit is generally observed that market aggregate demand curve for a commodity is downward sloping given other things our
within analysis of perfect competition we distinguish between the short run and the long run on the basis that use of some input factors is fixed in
in fall 2006 pace university raised its annual tuition from 24750 to 29750 freshman enrollment declined from 1500 in fall 2005 to 1110 in 2006
two countries workland and playland have similar population and identical production possibilities curves but diffrefences the procuction
the price of a laptop increases by 20 and there is a 40 drop in the quantity demanded the price of a pack of cigarettes increases by 10 and
i am risk averse and trying to maximize my expected value of c0 5 where c is my fortune i have 50000 in cash and also art with a value of 200000
i purchase a used stove for 155 when i was willing to pay 185 if a new stove costs 375what is my consumer
calculate the cross-price elasticity of demand between computers and printers where a 10 percent decrease in the price of computers results in a 15
in markets the invisible hand allocates resources efficiently a in all cases b when there are positive externalities but not when there are
the government decides to implement a new economic stimulus package targeted at american farmers the stimulus package gives every household a 300
this is the practice of maximizing profits and revenues and minimizing costs using marginal
perceived value pricingthis refers to a pricing strategy that dictates that the price of a given item will be set based on the customers perception
perfect competitionits a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any
price elasticitya measure of the change in demand for a product relative to unit changes in the price of the product if the percentage change in
profit margina measure of organization performance profit margins measure the percentage return an organization is earning over the cost of
shortagea condition under that the quantity demanded for a good or service exceeds the available supply for that good or service shortages usually
surplusthe surplus is a condition under that supply for a good or service is in excess of the demand for that good or service when this happens there
time value of moneythe time value of money is the price or value placed on time it is commonly thought of as the opportunity cost related with a
unemployment ratea measure of labor force utilization the unemployment rate is equal to the number of people which is unemployed as a percentage of
value additivityin an efficient market the value of any 2 assets can be estimated as the sum of the values of the two individual assets this is a
value chainit is the collection of activities within an organization that allows it to compete within an organization the activities in a value chain