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Questions & Answers

what is law of demand
Saba Reply
Actually I don't know the meaning but the law stated will give you an idea about the meaning and the law of demand state that 'the higher the price of a commodity the lower the quantity demanded and the lower the price of a commodity the higher the quantity demanded'.
"price of the commodity is inversely proportional to the quantity demanded"
the law of demand states all other things being equal the higher the price of the commodities the lower the quantity is demanded and the vice versa
what is perfectly inelastic demand and perfectly elastic demand
perfectly inelastic demand refers completely zero elastic demand. that means the degree of responsiveness to a proportionate change in price is zero. no change!
what is supply and demand curve
while perfectly elastic demand refers to an arbitrary change in in the quantity demanded as result of a percentage in price. it is also known as completely elastic demand
supply curve simply shows the graphical relationship between the price and quantity supply of a product. while that if demand shows the relationship between price and the quantity demanded. And the graph which shows the interaction of demand and supply is known as market equilibrium.
when all factors are in constant there was a inverse relationship between price and quantity....
5 different definitions of economics
Emmanuel Reply
Economic is a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses, by Prof. Robbins
what is law of demand
what is demand elasticity?
law of demand is
five different definitions of economics
Emmanuel Reply
what are some of the pitfalls of scientific thinking?
Yakubu Reply
principles of microeconomics
Evans Reply
what is economics
deepakraj Reply
economic is a branch of science which deals with the production,consumption and distribution of goods and services in an economy.
economics as a social science
Deep Reply
because it uses scientific method to build the theory that can help explain human behaviour
what is competitive demand
***goo.gl/search/What+is+competitive+demand What is competitive demand? definition and meaning ... A state of affairs observed between the markets for goods that can readily be substituted for one another. For example, in a competitive demand situation faced by a business, a prospective buyer c
what is price line
Economics as a social science Discuss
Sire Reply
problems fcaed by economist
Fatumah Reply
what is the meaning of Dumping
Stephen Reply
Normally the independent variable is plotted on the x-axis. but in economics price which is an independent variable is plotted on y-axis. why ?
what is cost
Deepon Reply
Cost is the amount of capital spent on purchasing an item. Or the amount of expenditure incurred in producing a product or rendering service.
describe the features of micro economics with suitable example
Purusoth Reply
what is economics
According to Mankiw it is the management of scarce resources.
economics it is a science that study human behaviour as a relationship between end and scarce means which alternative uses
Give more definitions for economics
economic is the study of allocation of scarce resources to meet unlimited human wants
what is complementary demand
what is the economic implications of recent imposition of charges or taxes on Nigerian depositors by central bank of Nigeria
so what should a nation do to minimize scarcity?
Andrew Reply
is there any difference between firm and industry under monopoly
Dipsikha Reply
I think firms come together to form industry
There is a well known saying in economics that "there is no such thing as a free lunch". Discuss. Guys any answer

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