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Monetary policy, the instruments by which central banks and adjust the value and supply of a currency, most notably take the forms of interest rate changes and credit expansions. Firstly, the lowering of ...
Usually in traditional Economic theory we assume firms are profit maximising. In reality this may not be the case.Short run firms seek to maximise sales - e.g. Amazon to gain market share (m...
A firm should only decrease the price of a good if the good is price elastic (PED>1). This is because in percent decrease in price will result in a greater percent increase in quantity demanded so reve...
If a competitor firm lowered the price of their good, assuming the cross price elasticity of demand (XED) for the two goods is positive, then demand will fall as consumers switch to the competitor's goods...
Price elasticity of demand (PED) - the percentage change in quantity demanded, divided by the percentage change in price There are several factors that influence the elasticity of demand for a given produ...
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