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Theory Of Consumer Behaviour

Question

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State three determinants of price elasticity of demand.

Solution

Solution not provided.

Tips: -

Hint, (i) Availability of close substitute goods (ii) Proportion of income spent on product, (iii) Level of income of consumer.

Some More Questions From Theory Of Consumer Behaviour Chapter

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

What is meant by one good being complementary to another.

Give an example of a pair of commodities that are substitutes of each other.

Give an example of a pair of commodities such that one of them is complementary in consumption to the other.

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