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Write down any 3 factors that defines the elasticity of demand

Posted by Grover Saab 6 years, 9 months ago

1 answers

What are the factors that determine the price elasticity of demand? The durability of the product: Perishable goods have inelastic demand as their consumption cannot be postponed. On the other hand, durable goods have elastic demand as their consumption can be postponed (in case the price of that product rises). Availability of substitutes: Goods having substitutes have elastic demand and vice versa. For example, tea and coffee. They are close substitute. Suppose if there is an increase in price of coffee. In this situation, people can easily shift to tea. So demand of coffee will be quite price sensitive. Habitual Goods: These goods have inelastic demand. For example, cigarettes, alcohol, tobacco etc. If the price of such products increases, the consumers will not reduce the consumption significantly as they are habituated to consume such products. Income level: The products demanded by people with low incomes tend to have elastic demand. This is because a small increase in the price of any such product will create a significant impact on the monthly Nature of the goods: Elasticity of demand also depends on whether the commodity is a necessity or a luxury. Goods which are necessities tend to have inelastic demand whereas demand of luxury goods tend to be elastic. People generally prefer not to cut down consumption of necessities even in case of price increase.

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What is economy..?

Posted by Sonam Sharma 6 years, 9 months ago

CBSE > Class 11 > Economics

2 answers

Ishika Jain 6 years, 9 months ago

An economy is a system which provides people the means to work and earn a living.

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Yaser Siddiquee 6 years, 9 months ago

Economy is system by which people of an area earn their living.

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Price elasticity of demand of a good is -1. at a price the consumer buys 60 units of the good . how many units will the consumer buy if the price falls by 10 per cent

Posted by Tan Gupta 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Sakshi Sharma??️??️ 6 years, 9 months ago

66 units

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What will happen to an economy if resources are increased? Explain with the help of diagram.

Posted by Vanshika Aggarwal 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Keshav Bindal 6 years, 9 months ago

Production capacity will increase and PPC will shift rightward

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Feature of economic

Posted by Fun Time Fun Zone 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Yaser Siddiquee 6 years, 9 months ago

Some of the main characteristics of economics are as follows: 1. Micro in Nature: Business economics is micro-economics in nature. This is due to the study of business economics mainly at the level of the firm. Generally a business manager is concerned with problems of his own business unit. He does not study the economic problems of an economy as a whole. 2. Basis of Theory of Markets and Private Enterprises: Business economics largely uses the theory of markets and private enterprise. It uses the theory of the firm and resource allocation of private enterprise economy. 3. Pragmatic in Approach: Business economics is pragmatic in its approach. It does not involve itself with the theoretical controversies of economics. Yet it does not relegate the realities of business decision-making to the background by bringing in abstract assumptions. While economic theory abstracts from realities of the individual business units to build up its theories, managerial economics takes proper note of the particular economic environment in which a firm works. 4. Normative in Nature: Business economics is also called normative economics which prescribes standards or norms for policy making. Business economics is prescriptive rather than descriptive in nature. In economic theory, we try to explain economic bahaviour: in business economics, we try to prescribe policies for a business manager which are most likely applied to achieve his objectives. In economic theory, we build ‘laws’ such as the law of Demand and the Law of Diminishing Returns. In business economics we apply these laws for policy planning at the level of a firm. 5. Macro Analysis: Macro economics which deals with the principles of economic behaviour for the economy as a whole is also useful for business economics. A business unit operates within some economic environment which is in turn shaped by the behaviour of the economy as a whole. Therefore, business manager must know the external forces working over his business environment.

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If a consumer has monotonic preference,Can she be indifference between the bundles (10,8) and (8,6)?

Posted by Ayush Raj 4 years, 5 months ago

CBSE > Class 11 > Economics

1 answers

Sia ? 4 years, 5 months ago

No. the consumer can't be indifferent between the two.

If the consumer's preferences are monotonic, she cannot be indifferent between the combinations (10, 8) and (8, 6). Because, the first combination (10, 8) allows more of both the goods as compared to the second combination (8, 6). Implying that first combination offers higher level of satisfaction, and the consumer must prefer it to the other.

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What is a production possibility frontier

Posted by Chams Riddi 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Gaurav Seth 6 years, 9 months ago

Production possibility frontier or production possibility curve shows all possible combinations of two set of goods that an economy can produce with available resources and given technology, assuming that all resources are fully and efficiently utilized.
Economizing of resources means utilisation of resources in best possible manner to maximize output.
Production Possibility Frontier or Curve Features(a) Slopes downward from left to right because if production of one commodity is to be increased then production of other commodity has to be sacrificed as there is scarcity of resources.(b) Concave to the origin because of increasing marginal opportunity cost or (MRT)
The Production possibility curve will shift under following two condition:(a) change in resources, (b) Change in technology of production for both the goods.
Rightward shift of PPF shows increase in resources or improvement in technology.Ex- Labour becoming more skilled, improvement in technology, increase in productivity of land.
Leftward shift of PPF shows the decrease in resources or degradation of technology in the economy.
The Production possibility curve will rotate outward under following two condition: (a) Improvement in technology in favour of one commodity (b) Growth of resources for the production of one commodity

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In poetry recitation competition 10participants were accorded following marks by two different judges X and Y X:15,17,14,13,11,12,16,18,10,9 Y:15,12,4,6,7,9,3,10,2,5

Posted by Riya Jain 6 years, 9 months ago

CBSE > Class 11 > Economics

0 answers

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When rank no given

Posted by Riya Jain 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Dhruti Mistri 6 years, 9 months ago

Give them ranks from hightest to lowest

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What are the conditions of consumers equilibrium

Posted by Krishna Krishna 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Yaser Siddiquee 6 years, 9 months ago

The following conditions apply to achieve the consumer equilibrium: 1.Budget line should be tangent to the indifference curve-because only at this point does the consumer get maximum satisfaction and it is within his budget. 2. Slope of the price line should be equal to the slope of the indifference curve-consumers only get maximum satisfaction at a point where the price line is tangent to the highest possible indifference curve from below. 3.Indifference curve should be convex to the origin-this ensures that at the point of equilibrium ,the marginal rate of substitution is diminishing. Read more on Brainly.in - https://brainly.in/question/4009386#readmore

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Explain MR/MC approch

Posted by Nilendra Dev Singh Parihar 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Yaser Siddiquee 6 years, 9 months ago

According to this approach, the firm is said to be in equilibrium if the following conditions are fulfilled: 1.Marginal cost is equal to Marginal Revenue i.e. ( MC = MR ) 2.Marginal cost (MC) Cuts Marginal Revenue (MR) from Below. 3.Marginal cost (MC) Cuts Average Cost (AC) from the Minimum point.

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Cartel

Posted by Neha Dhami Dhami 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Dhruti Mistri 6 years, 9 months ago

Group formed by companies for comman interest

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Microeconomic 11th class sample papers

Posted by Rajesh Yadav 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Bindiya Subba 6 years, 9 months ago

yeah in needed

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What is revenue

Posted by Rajender Joshi 6 years, 9 months ago

CBSE > Class 11 > Economics

2 answers

Rishad Ali 6 years, 9 months ago

Whatever momey a firm receive by selling it's Commodity known as Revenue.

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Yogita Ingle 6 years, 9 months ago

Revenue is creation of wealth by the process of doing business. It is the reward for doing business while expense is the sacrifice.
Revenue represents what the company charges its customers for the goods and services it provides. Revenue is generated from production, trade and service.

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By using short cut method finfmn out mean from the following data 15,20,30,22,25,18,40,50,55,65

Posted by Nimpu Tana 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Rajender Joshi 6 years, 9 months ago

What is revenue

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Ppc

Posted by Pranjal Tyagi 6 years, 9 months ago

CBSE > Class 11 > Economics

2 answers

Pranjal Tripathi 6 years, 9 months ago

It is a graphical representation of different combinations of two commodities that can be produced with available resources and given technology

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Yaser Siddiquee 6 years, 9 months ago

Ppc shows graphical presentation of various combinarion of two goods they can be produce with technology and that the resources are fully and efficiently utilised.

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Sir what will be the ans of. Central problem of an ecomony

Posted by Nazrin Rahman 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Baby Mishra 6 years, 9 months ago

Central problem of an economy - 1. What to produce ( selection of goods ). 2. How to produce (selection of techniques ) 3. Whom to produce ( distribution of goods or income )

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Difference between price discrimination and product differentiation

Posted by Sanskar Yadav 4 years, 5 months ago

CBSE > Class 11 > Economics

1 answers

Sia ? 4 years, 5 months ago

Price Discrimination: Price discrimination is a situation when a monopolist charges different price from different buyers of the same product. This is generally done to maximise profits.

Product Differentiation: Product differentiation is a situation when different producers under monopolistic competition, try to differentiate their product in terms of its shape, size, packaging, trademark or brand name. This is done to attract buyers from the rival firms in the market.

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Sir measures of dispersion 6marks questions tel me

Posted by Ravindra Khadka 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Yaser Siddiquee 6 years, 9 months ago

What is dispersion?what are the features, merits, demerits?

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What is scope and importance of economics

Posted by Dhanu Sridhar 6 years, 9 months ago

CBSE > Class 11 > Economics

0 answers

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Price elasticity of supply of a good is 0.8 . Is the supply 'elastic' or 'inelastic' ,and why ?

Posted by Gursimranjeet Kaur 6 years, 9 months ago

CBSE > Class 11 > Economics

2 answers

Gursimranjeet Kaur 6 years, 9 months ago

Supply is inelastic because elastic supply is less than 1.

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Sakshi Sharma??️??️ 6 years, 9 months ago

Less elastic supply

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Bleak growth of modern industry

Posted by Ankush Sharma 6 years, 9 months ago

CBSE > Class 11 > Economics

2 answers

Itisha Jha 4 years, 4 months ago

bleak growth of modern industry

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Addy Keer 5 years, 7 months ago

i don't know

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How monopoly is created

Posted by Lakshit Gupta 6 years, 9 months ago

CBSE > Class 11 > Economics

2 answers

Lakshit Gupta 6 years, 9 months ago

Thanku sie

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Baby Mishra 6 years, 9 months ago

Five ways to create monopoly. 1.regulation. 2.subsidies. 3.nationalization. 4.tariffs. 5.intellectual property

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What is Economic,Define?

Posted by Nilesh Kumar 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Gill Jasmeet 6 years, 9 months ago

Economic is a subject matter that deals with economic problem related to human life

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Explain the effect of price ceiling

Posted by Neetu Yadav 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Yogita Ingle 6 years, 9 months ago

A price ceiling is a government-imposed price control or limit on how high a price is charged for a product. Governments intend price ceilings to protect consumers from conditions that could make necessary commodities unattainable. It is the legislated or government imposed maximum level of price that can be charged by the seller. Since price ceiling is lower than the equilibrium price thus the imposition of the price ceiling leads to excess demand.
The following are the consequences and effects of price ceiling:
1) An effective price ceiling will lower the price of a good, which decreases the producer surplus. The effective price ceiling will also decrease the price for consumers,but any benefit gained from that will be minimized by the decreased sales due to the drop in supply caused by the lower price.
2) If a ceiling is to be imposed for a long period of time, a government may need to ration the good to ensure availability for the greatest number of consumers.
3) Prolonged shortages caused by price ceilings can create black markets for that good.
4) Due to artificially lowering the price, the demand becomes comparatively higher than the supply. This leads to the emergence of the problem of excess demand.

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Formula of statistics

Posted by Gurleen Kaur 6 years, 9 months ago

CBSE > Class 11 > Economics

0 answers

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Explain money multiplier?

Posted by Brijesh Kumar 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Harsh Panchal 6 years, 9 months ago

Money multiplier is the amount of money that banks generate with each dollar of reserves.?

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In production function why the producer want to be in 2 phase

Posted by Devanshi Agarwal 6 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Pulkit Singh 6 years, 9 months ago

A producer alway wants to produce in the second phase because in that phase his profit is maximised. Total Product (TP) is maximum and marginal product (MP) is 0. Its the most profitabe. In stage 1 he can still go on increasing production and in stage 3 he will face lose.

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if the index of prices is estimated to be 112 in 2013 it means that in comparison the base year prices in 2013 or higher by

Posted by Ashu Goyal 6 years, 9 months ago

CBSE > Class 11 > Economics