Essay on Consumer Theory

Substitute Goods

In economics, one kind of good (or service) is said to be a substitute good for another kind insofar as the two kinds of goods can be consumed or used in place of one another in at least some of their possible uses. Classic examples of substitute goods include margarine and butter, or petroleum and […]

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Elasticity Of Demand

Elasticity of Demand| | | Contents Elasticity of demand2 Elasticity coefficients3 The differences between the three terms4 More or less elastic5 Examples6 Perfectly inelastic and perfectly elastic demand8 Graphs for Elasticity of Demand9 References13 Elasticity of demand Elasticity of demand is the measurement of change in the price of a product. It measures the percentage […]

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